Yield farming's true value prop beyond speculation

It feels like much of the DeFi conversation around yield farming lately has devolved into chasing the next liquidity pump, with less focus on the underlying protocol utility. We're seeing a lot of capital flowing into projects promising astronomical APYs, often with unsustainable tokenomics that eventually lead to dumps. Is the real innovation in DeFi yield now purely about speculative capital allocation, or are we just not seeing enough legitimate, long-term use cases emerging that justify these yields organically? I'm curious if I'm missing the bigger picture here beyond short-term plays, especially with the broader market like $SPY showing some indecision around current levels. Change my mind.