I think one has to differentiate between higher layers and tokens that might exist on these layers.

I believe that most things do not require a new monetary unit, i.e. most things can be built with sats (or millisats) as your base.

The problem with doing other assets "on a blockchain" is that you can't enforce it. Bitcoin can only do enforcement in the world of sats, and this enforcement is absolute. If you tokenize a house or a stock certificate and the house burns down or the company goes bankrupt, the information system - doesn't matter if it's a "block chain" or a higher layer - can not know about it without human input, i.e. an Oracle. Oracles are central points of failure and always will be.

People will issue and use Liquid assets and other such things, no doubt about it. Mainly because it reduces friction and offers an interoperable and open standard, I think. However, I think it's mostly noise.

The real innovation is a new monetary asset - sats - that exist in this weird close-loop system called Bitcoin. I'm stacking that, nothing else.

That being said, higher layers such as Lightning or what the guys over at Impervious AI are building is super exciting.