Do you think a ccTLD loses value if it is in English? For instance, a ".mx" in English instead of Spanish, or a ".it" in English instead of Italian?
It's just a style of shortening.I think it's still meaningful.ccTLD has its own superiority and is pretty popular for locative use.
It could open a can of worms in SEO terms. A .it site in English may struggle with rankings in America because Google may think it's a Italy specific site. On the other hand, it may INCREASE the rankings in Italy!