I am really bullish on EOS but I do see your point. It has a massive valuation for something that has not even launched yet, has no blockchain and only place holder tokens. However the price reflects the confidence that the community has in block one and Dan in particular.
There are loads of good quality projects coming out all the time stating they are/ will develop on the EOS chain and airdrops provide a constant stream of dividends to holders.
If the June launch goes well, I believe EOS could rocket past ethereums market cap in the next 12 months. The only question is, can EOS take bitcoins crown as number one crypto?