The whole affair isn't, and wasn't, about GameStop's valuation, or even about Gamestop as a company whatsoever. It's about stock market mechanics and the ability to leverage them to make a profit.
The value currently is not in GameStop itself but in the need for the short sellers to buy back the shares. So there is value in buying & holding. How much is still open..
The situation is pretty bonkers but I hope in the end that the hedge funds have learned a lesson.