The utility value of Bitcoin is as follows:

There exists a need in the world for an inflation resistant store of value. Filling this need obviously has utility value, which is reflected currently in the market cap of gold.

However, gold has a lot of problems that BTC doesn't: https://twitter.com/Larrypcdotcom/status/1355721237776003075

2/ Gold is expensive to store, requiring third party custodians which need to be trusted. You also need to trust the governments of the countries in which the custodian is based.

3/ Gold is a hassle to move. Transporting gold is also expensive, especially across borders. So usually it just stays with the custodians. In a globalised and digital world you have to question the sense of this.

4/ Gold is not finite, with approximately 3,300 tons added to the supply each year. Ideally a SOV used as an inflation hedge would be provably scarce.

5/ Bitcoin is already seeing adoption by institutions and society generally as an alternative to gold as a SOV, hedge against inflation and hedge against turmoil in the financial system.

6/ This makes sense as it's easy to store, relatively easy to move, does not require trust and is provably scarce.

7/ So given all this I'd say its utility value is not zero and will only increase as BTC gains mindshare, adoption and integrations with DeFi and CeFi.