ETH is valuable to different people in different ways.
To Ethereum users, ETH is valuable because it lets you pay transaction fees.
Others consider it a digital store of value because the creation of new ETH slows over time.
More recently, ETH has become valuable to users of financial applications on Ethereum. This is because you can use ETH as collateral for crypto loans or as a payment system.
Of course, many also consider it an investment, similar to Bitcoin or other cryptocurrencies.