Yeah you are right, but I wouldn't say all altcoins are overhyped and have no value.
personally I made my due diligence, and that's how I came to Maid.
First, I looked for value - and definitely think there is value in the top 10
Bitcoin value = first comer, brand name
Ripple value = an actual net of nodes (banks) with an actual financial interest to rationalize their costs & processes, backed by an efficient protocol.
Monero value = anonymous transactions
Nem = programable
Everything else (Augur, steem...) is niche market on the blockchain which we know does not scale. A niche market has intrinsic value, so even if it does not scale well, as long as it does not intend to reinvent the wheel (ETH), it could work - but it will be capped by the size of the niche.
MAID is the only one in my opinion which could reinvent the wheel AND scale, so that's where I found the biggest potential and made the largest bet. Besides, it is undervalued for the reasons you mentionned, which for a late investor like me is just plain luck.
number 4) you forgot in the list: the name. that name...