The enduring EEM puzzle: Growth or value trap?

It's interesting to watch the discussion around emerging markets, especially with $EEM ticking up today to 64.09. I've heard the 'emerging markets are undervalued' argument for years, practically a broken record since the mid-2010s. Yet, for many, it's been a consistent underperformer compared to developed markets, particularly tech-heavy US indices. Are we perpetually early to the party, or is the structural headwind argument just too strong for value to emerge sustainably? I often wonder if the potential for growth is genuinely offset by governance risks and less robust regulatory frameworks.

I’m curious how others weigh this. Is it a long-term value play where patience is key, or is it fundamentally a value trap that consistently disappoints? Push back on me.