How much of AirBnB's current valuation is predicated on the assumption that they'll eventually capture a hearty share of the business and high-end/luxury travel

How much of AirBnB's current valuation is predicated on the assumption that they'll eventually capture a hearty share of the business and high-end/luxury traveller segments (i.e., the high-margin profit drivers)? I see moves like Plus as AirBnB trying to "professionalize" aspects of their product, but they'll never be able to provide the "guarantee (or recourse)" of an established hotel chain. Outside of those who are cost-conscious, or those with unique accommodation needs (large groups, etc.), it's hard to imagine why any discerning traveller would opt for an AirBnB over a traditional hotel, all things being equal.