What's the value of a spec of an existing TV show nowadays?

I've had a few people tell me that these types of specs are a thing of the past and that the industry cares more about original work. Besides fellowhships obviously, is there really no purpose of writing one? I'm considering applying to fellowships next year after I graduate from college, but I'm also aware how insanely competitive these are and I don't really want to have a worthless script after I apply when I could be focusing on pilots and other original work.