IMO, I believe the user/community trust has a higher percentage of influencing the intrinsic value of Bitcoin and cryptocurrency in general. Taking Bitcoin as an example, it was introduced, and left to the community members to manage. Inorder word, a decentralized system was created, where the community had to put their trust, make decisions, and over time, it began to gain value. As more users contributes their trust to the system thereby making purchasing, the value continue to increase.
I also believe that developers and promoters contribute to the success of altcoins, but not to the same extent as user/community trust. If a project doesn’t gain a good number of users who trust it, I’m not sure it will do well.
As for government regulation, I'm not sure of where they stand, but they could contribute to some extent.