you can claim it means whatever you want but the reality is if the distribution was recent enough to matter during the transition to proof of stake then its recent enough for people to discard it as "money".
it's an investment at best, like the rest of the alts in this market, and like the rest of the alts its valuation comes from the utility of the network itself. scaling issues? fewer participants, lower liquidity, less demand, less fees, worse staking apy. it's already under 4%.
others can care about pollution all they like but the reality is proof of work has no peers. proof of stake has already failed the first test with lido despite a lot of deflection from those who loudly and incorrectly claim that mining pools are equivalent to an entity that holds unilateral control of the asset used to secure the network.
i don't care for the mid-term because i hold a lot of eth as it stands today, but i'm only comfortable doing that because i hold no illusions about the long-term failure of these altcoins. these things just aren't built to last.