I think that all the characters are actually in hell and the treasure is a way out of hell like the devil fruits power is said to come from the devil as well I think because they are trapped in hell and the devil fruits are a temptation for them to keep them in hell and the D clan is related to the devil in some way and the D stands for devil and only they have the power to truly break out of hell and when Gol D Rodgers found one piece it was an exit from hell and they all laughed because they found out they were actually in hell and the reason he said he wasn’t going to die when he turned himself in is because he’d be able to leave hell after dying
FRIENDSHIP!! just kidding My theory is that the treasure has the ability to remove the devil fruits and abilities completely from the one piece world, to a world without powers.
The journey is more important than the goal. So maybe it's that kind of philosophical shit. Or maybe the treasure is the last piece of puzzle in ancient history, which would explain why the world is shaped so oddly, and the magnetic field is haywire on the grand line. Why the nobles are treated like god's etc. Or it could even be the weapon used to terraform the planet to its current state, and the D lineage might be one of the original nobles, whose blood can be used to activate said weapon and bring down the nobles. PS: it has never been explained, afaik, why the nobles hold as much power as they do despite being weaklings personally, or why they are always so well protected by the Marines. They might hold some value just by existing. As for the lineage of D, it's even more of a mystery why they weren't all killed long ago, they are probably allowed to live and not wiped out because their lineage is also a necessity, despite all the trouble they cause as individuals.
It’s been stated that it’s an actual treasure not some bullshit friendship is the greatest treasure of all thing by the mangaka
I'm gonna necro this thread since it's quite intriguing. Before I tell you the answer, I'll remind you the title of the series, ONE PIECE. It's actually a word play done by oda. The treasure is ONE'S PEACE or EVERYONE'S PEACE. Remember that the fishmen are persecuted by human, and some people in the past had a DREAM to bring peace upon the world where men and fishmen coexist. And those people who shared the same dream added the initial D to their name.