> By that standard, majority of Wall Street has no use case either, since much of the money is made entirely on speculation. Is betting on whether oil price will go up or down really that much of a use case?

Absolutely. Price is the single encapsulation of all information in a market. But this is only the case because oil is a scarce resource, which needs allocating, and efforts are made to ensure that markets are fair. That is not true for crypto.

However, your presumption about “mostly speculation” also isn’t true and just reeks of someone who has no finance experience. I’ve spent my career as a hedge fund trader, focused in commods. Oil markets exist principally for bonafide hedgers to exchange risk. I cannot tell you how important hedging is to global market efficiencies.