IMO these projects are aiming at a new form of sovereignty on the internet that doesn't/can't exist currently - the ability to have your data be permanently stored and accessible on the web. Google can decide to kill Google Photos, and every email provider on the planet can delete everyone's old emails if they so choose. It's unlikely, yes, but the ability to put something on the internet permanently surely has some novel value to it, even if just as an open building block to something bigger than the sum of its parts.
A massive part of what's going on right now in the crypto space is people experimenting with these new protocols and tools like smart contracts and DAOs (https://en.wikipedia.org/wiki/Decentralized_autonomous_organ...) and attempting to figure out new and novel things to do with them. Web3 is a moniker du-jour to try to encompass these experiments in finance, governance, art, and collaboration.
When the internet was early, people were doing the same, and it gave rise to new forms of art, online gaming, radically different access to banking, ecommerce, and low latency, (basically) free, video calling anywhere in the world. Imagine trying to explain Twitch.tv or Facebook to someone in the early 90s when people were paying for long distance calls and stamps. The groundwork for these things was being created as people were inventing DNS, HTTP, etc etc, but in the same way that NeoPets was not the ultimate expression of online gaming (but had influence on it nonetheless), the things we're seeing today are not the ultimate expression of what "web3" will eventually be but instead a bunch of passionate people trying to figure out what revolutionary things can be built with these new unique tools.