I can't say whether something else wouldn't have replaced PHP eventually, but I can say PHP definitely played it's part in making the web we know today. Back in the day, say circa 2000, unless you were wealthy/lucky enough to have your own server around, if you wanted a website you were stuck with shared hosting.
Many of us "web devs" were running desktop windows and had never even used a *nix command line or studied programming beyond BASIC. CGI (perl) scripts were absolutely painful to install, much less write. Dealing with stdin just to get post variables? Python and Ruby were rarely supported as CGI, and there were likely no web frameworks back then that you could manage to install on a shared account. Besides, a lot us back then weren't programmers to being with, we just wanted a web site to scratch an itch. Programming was a means to an end, and I think the rasmus quotes support that.
Enter PHP(&mod_php). Open up your FTP client, rename index.html to index.php, edit to add Hello <?=$name?>, load up index.php?name=Bob in IE, see "Hello Bob", MIND BLOWN! PHP was easy to use, learn, and it came with a huge function library built in. It was a sandbox to play in. The barrier of entrance difference between cgi/perl and PHP was like GIMP to Windows Paint.
The number of web scripts available to use exploded after PHP hit the scene. Message boards, calendars, photo galleries, shopping carts, etc. Sure, a lot of the code written was horrible by today's standards, or even CS standards of then, but that's not the point. Websites were launched, communities were formed, products were sold. Sure phpBB, wordpress, and others code was not properly engineered, but where would the web be without the communities and blogs they allowed to form?
Facebook started on shared PHP hosting. The mediawiki script was created because Magnus Manske wanted to try out PHP. Yahoo actually chose PHP to replace their in-house scripting language over ASP, Coldfusion, and other proprietary options when using open source was a huge risk. Python and ruby were not even on the web radar when yahoo chose PHP. [1]
Now today we may look at the code derived from the era before python, ruby, svn, github, cheap easy VPS/VM access, when shared web hosting was the only PaaS, and look in horror, but the fact remains that PHP powers 75% or more of all websites on the internet today.[2][3]
To ask if PHP has generated value, is to ask if Windows has generated value. They may have been ugly, but they got us where we are today, and the PHP of today is not the PHP of 2000.
[1] http://public.yahoo.com/bfrance/radwin/talks/yahoo-phpcon200...
[2] http://venturebeat.com/2013/05/17/google-app-engine-finally-...
[3] http://w3techs.com/technologies/overview/programming_languag...