I mean, there's value in having fun, in and of itself? But solving puzzles, problem solving, and then all the things that are valuable in a book/movie: atmosphere (which includes the game play), art + aesthetic valuing, picking up on themes and motifs, exploration of morals and the engagement in morals and philosophies you might otherwise never experience in your real life.
There's also the aspect of social games. I think there's value in both competitive and cooperative games for socializing and communication.
I've also seen the way games capture the imagination of children and encourage them to create and design. That's friggin' beautiful!
Mm, sure, it's going to depend on the game, though. Solving problems and feeling challenged are things that are good for our brains too. But many aspects of the story, despite not being the literal story, continue to build in meaningful ways during the game play time. As mentioned above, art/asethic/atmosphere, the carrying over of themes and motifs.. and you know, the point of a game tends to be that it engages the player, so having game play that does that in accompaniment with the story, even if the literal story takes up much less time, has value on that basis.
There's also games like Shadow of the Collasus where the story is largely implied and the game is almost entirely built on having an engaging and quiet atmosphere. For a game that is largely climbing and stabbing big boys, I found it to be highly emotional. I have a friend that sobbed when they beat it. Using very little story, making brilliant use of ambiguity, and having an emotional impact is pretty amazing in my opinion. =)
At the end of the day that's a personal decision, but as a medium, no, I think it is highly meaningful.
I do think some games are dumb, but I also think some movies, books, etc, are dumb. Doesn't detract from the over all value.
edit: this is without getting into the actual educational value of games being used to teach students in general, but especially help students with disabilities. Lots of amazing research that wouldn't happen if people didn't love video games.