You're right with much you said nevertheless you still have to solve something users (in millions) want - have a solution - be useful. They have / had millions

You're right with much you said nevertheless you still have to solve something users (in millions) want - have a solution - be useful. They have / had millions of users and that's were such valuations with consumer products come from at least in the moment. Yes we seen that before particularly up into 1999 with tech start-ups, but even worse with telcos / operators that sunk billions. The hype alone does only help for a short moment - if you have not found a way to monetize - be useful at that point, your company (and all your money) is going to melt away quicker than you finished dreaming up the numbers you were worth on paper yesterday.