TV licence money goes entirely to fund the BBC in its many forms, not just Broadcast TV and radio but iPlayer and internet news etc.
Whether it is value for money is up to the user. I find most of it’s programming biased and watch very little. However I do watch some and therefore am bound to pay under threat of criminal action.
There is a questionnaire running on BBC website asking users what they think of it as there will be a review under the new DG and there’s also a lot of support for decriminalising the Licence Fee.
Politically I’d be very supprised if much changes.