I do not get the obsession with waitlists over actual engagement. 

Lots of founders are always touting how their waitlist is so insane. Who cares? That's based on pure narrative. How about people actually using your product and getting value.

IMO you shouldn't talk about waitlists, but rather about usage & value.

Building https://srcbook.com // creator of the https://blockchainsmokers.xyz

Agree. 

That said, waitlists are also a super easy way to collect a bunch of ideal customer data to jumpstart that marketing flywheel (if you actual ship product).  

Getting more people to sign up flags potential customers with a high likelihood to convert.