If the blockchain issues 1000 BTC to various miners who sell them to 1000 people for USD$1 each, and then some time later 100 of those people are able to sell their coins for USD$100, then the total amount of money that's been moved out of other investments is USD$11,000, but the total market cap of Bitcoin is USD$100,000 so can't I say that USD$89,000 was "generated"?
Although really none of that USD ever disappeared, it's ostensibly still going into USD denominated assets, so... well I don't know what to say about any of this.
The reason it hasn't "generated" wealth and has merely "moved" it, is because it doesn't allow everyone to succeed. Say in your case, person A bought at $1 and sold at $100, so he is up $99. But someone else had to buy the bitcoin he sold, so that person is currently sitting at -$100. For one person to profit, another necessarily has to lose.
The price of bitcoin could increase almost indefinitely, since the whole "hodl" meme is about reducing the supply and reducing the float, which allows it to continue to pump upwards and for people to get rich on paper. But it will never be possible for all of them to actually cash out, there isn't enough real USD in the crypto economy to allow that.
Properly conceived, currency is a proxy for genuine economic value. Bitcoin mining generates nothing but bitcoins, which then are valuable because... other people say they’re valuable? I fail to see how this differs from a pyramid scheme.