1) A bubble burst weeds out apps that don't have enough intrinsic value to the customer in the first place (E.g. T-pain, fart apps, and so on)
2) Devs, entrepreneurs, and investors will be forced to evaluate and form actual business plans/models as opposed to "let's throw an app out there and make some money"
3) An app won't always be and shouldn't be the end all and be all of a startup business plan - it's another platform that allows you to reach out to more customers
You might not like the T-Pain app, but the code behind it is likely a hell of a lot better than that of a fart app. Other then that, agreed.
What do you do when users seem to actually want software with little intrinsic value?
Keep iterating and maybe you will become Zynga!