I think the word valued is hiding a lot. With startups, the "value" comes from investors who are willing to buy stock at a certain price with certain condition

I think the word valued is hiding a lot. With startups, the "value" comes from investors who are willing to buy stock at a certain price with certain conditions, one of which is that the rule of law prevents you from stealing company money. If that law were not there, or could not be relied upon, investors would not be willing to invest at that price, and the "value" would be much less. Or at least, that is my theory of how things should work, because crypto valuations seem to have proved me wrong.