I don't disagree that even starlink is overvalued, my point was that it's the only thing in spacex bringing in profit and why.

FWIW, their v3 satellite model is apparently a 10x bandwidth increase over v2 (although weights about 5x as much). At the moment they are so oversubscribed that they can charge a $1000 surcharge for people to just sign up in some areas, so there's definitely demand. So given they're already around 10 mill subscribers there is some growth to be had (although I agree it won't be 100s of millions, maybe a few 10s - far from the 50+ multiplier on the valuation, even ignoring the other 2 money pits bundled in)

That being said, you're entirely correct that fixing the on-ground infrastructure is a much better investment if the goal is good internet service and would deliver a better quality service for cheaper, but that is happening extremely slowly in most of the developed countries (e.g. UK has terrible internet infra as well), especially in rural areas. So for the next 10 years starlink doss have a large market because the ground infrastructure sucks, and it's not "hype" to spend money on it for investors where's space stuff is.