Is speculation simply part of how innovation gets funded in crypto, or has it overshadowed real utility?
When conditions fail to encourage the possibility of an event occurring, some of the underlying assumptions are predictions as has previously occurred in the crypto market as a whole. Talking about utility is inseparable from the satisfaction or usefulness obtained, so sometimes when conditions don't work out that way, it can actually lead to speculation. While this is somewhat subjective, the two are almost distinct in their respective assessment processes, especially when linked to economic concepts.
For example, Bitcoin's trajectory is influenced by global economic conditions, supply and demand and so on. When that doesn't happen according to what we see, the ultimate weapon is trying to link it to other issues. In my opinion no this eclipses its true utility, but it doesn't occur under certain conditions or at that time because there are other perhaps stronger forces.