I think some students may be overthinking the project because you state that they can't use content creation as their project. I would argue that content creation could be a very valuable and valid portion of someone's project. I think that a big project may come natural to some, and playing a role within several projects may come natural to another person.
If I were a student in the class this is how I would try to get an A.
The most valuable act someone on Hive can make is to put buy side pressure on the price of Hive on exchanges. The student who has the most Hive Power at the end of the grading term deserves the best grade in the class, and can rightfully argue their case.
Document your progress weekly with blog posts to earn and power up more Hive. Comment on your other classmates posts.
If you don't have a "plan" yet consider this. Find a smaller Dapp on the Hive blockchain that you like. Lot's of these projects are just start ups in reality. The great thing about crypto is that it's more open than the traditional legacy system. You don't need to apply for and ask permission to get the job. You just join their Discord group and try to start filling in the holes that you see. Get a role with one of the dapps on the Hive, and start to collect as many of that dapp's tokens as you can. Maybe creating content will be necessary for you to get a role with the dapp you like.
Buy HBD and experiment with holding some of your dollar savings in an account that pays 10% APR.
Don't rely on passing this class with one course of action. Be as active on chain as you can, and power up as much Hive as you can to make your good grade undeniable.
RE: Some of my students could use your help (ideas for how to add value to the Hive community)