Gamestop's stock price has very little to do with the company and a whole lot to do with the position that major hedge funds took on the company.
The "value" reflected in the stock price is partially the campaign of inexperienced retail investors, but moreso the potential return when the corporate investors who shorted Gamestop when it was at $12/share a year ago expecting to make a windfall on the company going belly up, have to eventually close their positions. There are still billions of dollars of short positions held by corporate investors (and being manipulated in ways not just unavailable to retail investors, but in ways that would be considered illegal if tried under different circumstances or even out in the open.) so as not to have to close those positions or at least let some of the air out of the bubble slowly so as not to spike the price to the moon in a margin call or position closing selloff.
Full disclosure, I don't own GME, but I like the stonk. Apes together strong.