Which reports are you talking about? The last ones I saw said that they aren't totally backed by actual US dollars on a bank account, not that they aren't worth $1. If they are backed by other assets worth the total amount of USDT in circulation, then they are tecnically backed. Also, the market gives it a value of $1.
You are right, there is no actual dollars in bank account so tether is not backed by them.We cant really get 1 dollar for 1 tether, you can try and see, and with more money difference will be even bigger.
Coffeezilla made two videos about tether:
https://www.youtube.com/watch?v=WgJjf4HaRsk
