On Chain is the only thing that makes lightning valuable so the LN channels are only possible but multi-signature relationships on chain and the ability to settle once those channels have achieved their goals. That being stated, the Channels themselves may be valuable as their own entities, too.

Just imagine if you could sell your channel relationship for sats to someone else?

Or maybe you could have shares in your channel. The ringed or circle relationships might also be valuable.

In the final thought of this. The base layer is Bitcoin on chain and if you own Bitcoin you can build on top of this. You may not ever spend it but you can send value for other people if they need this service in the future.