> Is there an upper bound to the creation of wealth?

No

> Is it infinite?

Yes

> Are there any limits to its creation?

Government trying to crush it.

> Is there any inherent value to it without being able to "transfer"?

The only value it has is what someone else is freely willing to pay for it. There is no such thing as "inherent" value.

I find the belief that government is the only limit to wealth creation very intriguing. I also find it interesting that the talking points usually contrast "free markets", which I assume represents the best case, with just "government". Markets can be limited or impacted by forces outside of government (price fixing, monopolies, manipulation). Is there an equivalent best-case scenario for "governments" that we can use as a reference when discussing how they impact free markets?

Nobody has discovered any limit to wealth creation, but governments have been very successful with putting a stop to it.