What determines Ethereum’s value without PoW?

What a clickbait title I know but I’m actually curious to read answers. It’s always refreshing to collect different views and opinions.

Obviously the largest factor is the speculative investment & current / future demand for it. To use it as payment but also to play around with it. The proof of stake system will overtime also increase its value and future development such as lowering gas fees give lots of speculation value.

Stake rewards are also attractive for those that believe in the project long run and want to accumulate passively more of their asset.

What are your best arguments that make Ethereum so valueable ?