Groupon's created a ton of actual value with their product. Groupon's issues have less to do with value delivered and more to do with competition and their stock being over-valued.
Inside of that (formerly) $16 billion company is a really wonderful $2 billion company fighting to get out.
Competition only became a drag on them when users began to get fatigued with daily deals. But even if users didn't get tired of daily deals, their business model simply wasn't on the path to profitability.