What actually makes most people own bitcoin?

I’m trying to understand the long-term belief in Bitcoin and would appreciate serious answers. As someone who was invested but lost belief about 8 years ago due to the reasons bellow .

Over the years, many of the original narratives (payments, replacing fiat, decentralizairon, inflation hedge, etc) seem either partially unmet or contradictory in practice. At the same time, price appears increasingly driven by the expectation that more people will buy later not by some actual belief in any of the bitcoin features ( e.g I’m buying a stock because I hope it will go higher not because I think they will provide innovation and utility justifying that higher price).

For people who are deeply convinced: what is the non-price-appreciation reason you believe Bitcoin will remain valuable long-term?