Do brands have value?
Lawyers think so…
The law allows you to register and trademark your name, logo, tagline, colour and other brand assets. You can then defend these against use by your competition.
Accountants thinks so…
If you can own a brand, you can sell it, licence it or reap the competitive advantage it brings. The value paid for a brand is rarely disclosed when a company is bought. Below however are some we do know about:

Polaroid declared bankruptcy in 2008. The brand was sold to PLR IP Holdings in 2009 for $87.6 million.

After Pan American World Airways went bankrupt in 1991, its brand and logo were sold for $1.32 million to Eclipse Holdings.

In 2013, Microsoft acquired Nokia's mobile phone division for $7.2 billion. Of this amount, $2.2 billion was attributed specifically to Nokia's brand and related patents.
Customers think so…

A strong brand leads to buyers thinking of you went they want something. When they think of your category, we want them to think of your brand. Long before they've started a google search.

A strong brand allows buyers to find you.

A strong brand allows buyers to connect all your marketing and branding.