Serious question- What is the value proposition Luna/Luna Classic is saying it has?

I am thoroughly confused as to why LUNA and LUNC is pumping, not because people buy into hype and shilled projects, but because I don’t understand what problem the developers and shillers are saying LUNA can solve.

I know months ago, the argument was LUNA has value because it is used algorithmically with UST, and (marketing words, not mine) because UST is such a novel idea and great product, LUNA also has value.

However, right now I can’t understand what the value is right now. Literally from LUNC’s cmc description of what makes it unique

Terra seeks to set itself apart through its use of fiat-pegged stablecoins, stating that it combines the borderless benefits of cryptocurrencies with the day-to-day price stability of fiat currencies. It keeps its one-to-one peg through an algorithm that automatically adjusts stablecoin supply based on its demand.

However, UST isn’t pegged.

For LUNA, the only reason to buy that is given is that developers are building dApps on it. Literally one of the reasons I read for “why should I buy LUNA” was

”Determination. The large existing Luna holder base who lost funds in the Terra Luna and UST collapse will continue to receive new Terra Luna tokens over the next two years. Many disaffected investors are intent on regaining their losses – some of which totalled over six figures. These investors will be bullish on Luna projects and willing to hold onto tokens until prices are positive for selling.”

I honestly would understand it more if the reasoning was LUNA/LUNC is a meme coin now and it’s funny to buy. That’s at least a better reason than, “it has a burn tax.”

Am I missing something obvious or is it simply people are YOLOing and FOMOing into a project down literally 99.9999% from ATH?