It doesn't trade cryptocurrencies yet makes them more useful?
$WCT may be one of the few tokens that survives without speculation. Nodes need to stake it, governance needs it for voting, and future payments may require it — the demand is real.
WalletConnect itself has become more powerful: supporting multiple chains, integrating payments, covering mainstream wallets... it doesn't compete, yet has become the 'hydro router' of Web3.
If you are looking for truly useful infrastructure, it is worth a look.