A lot of the most valuable companies today exist like that. Fiat things.
Discussion
not really
Take apple for example. They ran out of ideas for hardware to make so they started doing banking and subscription services. Not as extreme as MicroStrategy but on the financial side of all these companies there are decisions made which affect their value more than a product ever could.
worst company/example you could’ve picked. obviously the vast majority of their profit and growth has come from hardware- even then, these other services create value for people.
microstrategy does nothing of value compared to their valuation.
a better example would be berkshire or a bank, but at-least they invest in the global economy
I think it's the best company to steel-man my point. I personally don't think the app store fee and on device purchases cut adds value to me, but you're right that Apple has legitimate hardware products. It says a lot that even a company as successful as apple ends up playing financial games on their balance sheet and introducing financialized products. That's how you keep winning in a fiat world.
Apply the logic you have for MicroStrategy to individual Bitcoiners. Are you deserving of your valuation? Am I? In many ways Bitcoin is a cheat code, and it makes sense that a company which was struggling to grow would use it first.