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RE: Well, it looks like the bubble has officially popped
That's true but many dapps just launched on Etheruem. Ether is also used as a currency and store of value , which gives it a much higher value since every exchange trades it. Scaling is coming to Ethereum but it's taking longer than many had predicted but it's already happening with games especially off-chain. Still very smart to spread that risk out and diversify some.
Also many exchanges price in Bitcion AND Ether, which gives it use case. Of all the coins that are overvalued and overhyped, Ether would not be the first one I would point to.