The flaw in all of this is that people who buy crypto are not investing in something so its entirely pointless whether there is something that generates revenue.

If you buy crypto you trade 2 assets like USD > BTC Its the same as if you buy baseball cards USD > baseball card

You bet on the value of one asset to increase over the other. The correct term for this is speculation [1] not investment [2].

Speculation doesn't require anyone to do any "work" (as in produce goods or services). Speculation required that there is or will be an imbalance in the supply and demand of the involved assets which can happen for infinite other reason that someone creating revenue while somehow being associated with that asset.

[1] https://en.wikipedia.org/wiki/Speculation [2] https://en.wikipedia.org/wiki/Investment