To take an example, I actually think Farcaster has a coherent vision and path to monetization. They're building an open protocol like the "RSS of microblogging", and then they can monetize by building a good client application, like how Superhuman successfully charges $30/month to monetize an email client.

I think their chance of working is low, but they have at least a 5% chance of a high $billion upside, so valuing the project at $10M+ today is reasonable.

(Note that Web3 is fundamentally devoid of coherent vision - https://medium.com/bloated-mvp/web3-is-vision-larping-e79d261edebf

But Farcaster isn't a BS Web3 pitch, it only pays lip service to blockchain by using it to store/provision IDs and usernames, which is trivial to replace with a wide range of equal or better non-blockchain systems.)