Bitcoin is a scarce digital commodity. It is not a backed-token like Stablecoins or commodity-backed coins. Any cryptocurrency that is backed by a real world commodity or currency inserts counterparty risk into the network, since you need to rely on someone to store and facilitate the exchange of said commodity.
A token backed by a currency exposes the token to the risk of the issuing bank and the government or central bank behind it.
There is no bitcoin issuer, and one not need any government permission or other means other than the Bitcoin network itself to facilitate trading of BTC.
The security of the Bitcoin network is backed by the laws of mathematics.
If you need a central bank or kleptocratic government to back your assets, then Bitcoin is not for you. Not everyone wants true financial sovereignty.
What is it good for, other than the value of people place on it because of faith?
You can’t eat it. You can’t build something out of it. You can’t play with it. You can’t use it to get somewhere. It only has value because people give it value in their mind. Just like tulips.