I agree with you that the rush to cultivate hemp will turn it into a commodity crop with little profit unless the farmer processes it and sells it as value added. There actually is uses as bird feed and seed, fabric and roper, in addition to CBD and other active components in low quantities.
There will be specialty hemp that is bred to be grown more for the rarer active components.
I find it interesting that the SC story is about smokable flowers, given that messing up your lungs will be unnecessary when the active ingredients become available in a fast acting powder, wafer, etc. Of course, tobacco shops and corner stores will sell it for smoking but I don't think that will be the major way it is used once the market is developed.