I'm with you except that even in your example here value is subjective. Even the value of a dollar with nothing on it is subjective. The real question is whether or not there is a sustainable market for this nonsense. I don't think inscriptions will be anywhere near as valuable as the true believers think. And I'm speaking of a market price.

Another example is the market price for bitcoin. The only reason we can obtain bitcoin at the current market prices is because only a small number of people understand its utility. Most of us here have a MUCH higher value of bitcoin. So I think inscriptions are the inverse.