There is actual money behind the number of the VIX, but I'm not sure if you'd call it value. There are ETFs and other vehicles that buy VIX futures, and either

There is actual money behind the number of the VIX, but I'm not sure if you'd call it value. There are ETFs and other vehicles that buy VIX futures, and either go long or short, which people can buy and sell. Like TVIX, XIV, etc. There's some worry that a quick spike in VIX futures from such a low level at the wrong time could cause a catastrophic unwinding of these instruments. But I'm not an expert in these things.