For me: I base this on actual savings compared to what I would have spent or the best alternate option.
Travel credit - $300
Stubhub - $50 (while I was able to use the credit for a comedy show, Stubhub tickets were about $50-100 more expensive than getting them direct)
Edit credit - $0 (didn’t use because Edit options were much more expensive than comparable alternatives)
Dining credit - $50 (I used the credit on a restaurant in LA, but I don’t think I’d want to go back there, so I’m basing off a comparable entree and mocktail)
Apple credit - $0 (limited use)
Lyft credit - $20 (much of the time Uber was cheaper and more reliable)
Dashpass: $0 (alternative is going to the restaurant in question, and I use this only on work trips)
Lounge Access: $0 (the alternative for me is showing up closer to departure time as the PHX lounge is my home lounge)
Chase travel 8x - $0 (couldn’t use it for housing my family, and cheaper options available for car rentals)
I expect to get another $100-200 in value next year before next fee comes up.

I don’t regret paying the last year’s fee ($550 + $75) but there’s no justification for paying the higher rate ($795 + $195) next year, so I’ll transfer my spend to a mix of other cards I currently have.