if you expected applications to be deployed that would take up block space when used, and were going to build those applications yourself, then it was still rational
in 2012 people were describing smart contracts, joint custody accounts to secure assets better, and many other applications that are commonplace and have their own critique and discussion now
its like seeing an island full of resources and realizing that the bridges and ferry routes haven't been built yet. that
1) you can get to that island yourself before everyone else
2) you can also build the bridge and put up a toll booth
3) other bridges will be built
4) and other people can also come to the island early at great difficulty too
the same play is still true on other blockchains, and sometimes back again on bitcoin
I’ve done the trade many times over the past 15 years