Well yeah. If you trace it backwards, before fiat, what was commodity backed currency? What inherent value is there to gold and silver? Back then there was little industrial use, it was just useful as something to trade for other things.
So going back further, at it’s core, currency is just a middle man to bartering. Instead of trading the grain you labored to grow for shoes from the cobbler, when you don’t need shoes right now, you take gold/shells/beads knowing you can use them to trade for repairs to your plow from the blacksmith. Currency has always been a social construct, not inherent to the commodity.
This is actually one argument against the hoarding behavior of the ultra wealthy. It disrupts the natural economy and creates unhealthy power dynamics. The rich person can distort labor away from productive things healthy for future development of the society, say by using their vast wealth to pay a ton of farmers to build statues of the rich guy, until suddenly there’s famine because no one is growing food.