This often is a euphemism for "making money is good". Except for the worst cases of rents (or scams), if you're making money, this means someone found what you do valuable, so hey, you're creating value. The tacit corollary is, if you're not making money, you're not creating much value (not logically correct obviously, but here it goes).

So one should define how you measure value, and what cost (social, externalities etc.) we should be ready to accept for each type of value.

So, what value is a hospice worker or a nurse creating to the world?

What value is a grade school teacher creating?

Hotel rooms need to be cleaned, and your coffee needs to be made. What value is that hotel room cleaner bringing into things? Or the dude framing drywall in your house?

To me, to be honest, "value creation" sounds more like "the stuff I like to think I'm doing" than a real thing.

This can be very hard to nail down though at the large scale. For instance Trump managed to secure the largest tax break in New York history in the 80s by convincing the government that his buildings for the Uber rich would be very valuable to the city.