> given that an HOA provides no value at all
Typically the HOA's I've seen manage community resources. Where I used to live that meant the neighborhood parks, green spaces, 3 docks in the river, a pool, and a few lakes. No value seems a bit hyperbolic.
I used to live in an HOA. Do I miss the value they provided? Not at all. They did nothing I can’t easily take care of myself.
the HOA managing a pool is definitely not the norm. and if it is, it's a pool club - somebody doesn't pay their dues, they should lose access to the pool, not their house.
most HOAs manage a tiny amount of communal green space that should have been turned over to become city property, but was held back as HOA property to give the HOA a reason to exist.