It has a use and its rare...the fact that the market price exceeds the value of it for 99% of players is irrelevant to the 1% paying it atm.
This (extreme) is what happens when server is 10 years old and new things get released. Folks have tremendous amounts of plat sitting around and nothing to do with it...spikes like this are just part of the p99 game.
Folks forget/have no clue how much plat some folks have in the banks on this server.
Toss in a pinch of idiots (who think this is a good speculative item to buy atm) and a touch p99 crazy crack...and ouala.
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