Worth creating a me-too product?

The advice: it depends.

If you think you have some strong advantage over competition.

That advantage can be:

• you're much better product designer and programmer so you can build a much better product
• your cost is much lower (e.g. you live in much cheaper country) in which case you can compete on price
• you have a much better marketing channels in which case you can have a similar product at similar prices but outcompete them on marketing

But since you said you don't have such advantages, then you probably shouldn't be doing it.

Some competition can be a good thing, since it validates the demand. However, some type of differentiation is highly recommended. You mentioned you can't do any features differentiation, but think of it this way:

• Can you focus on certain geographical location? (See Uber vs Ola)
• Can you specialize for some specific demographic / subculture / community? (See Reddit vs IndieHackers)
• Can you provide a similar solution through a different channel? (See Match.com vs Tinder)
• Can you provide a premium (or budget) solution? (See Upwork vs Toptal)
• Can you provide a different pricing model? (See Eventbrite vs Ticket Tailor)