The Psychological Sense of Happiness Doesn't Tell You Whether It's Good.
Philosophers who write about happiness typically mean one of two things, each tied to a different sense of the term. One is the psychological sense: happiness as a mental state, the kind of thing studied through psychology, as pleasure or depression are.
Candidate answers include life satisfaction, pleasure, or a positive emotional condition. That identifies a state of mind; it does not yet say how valuable the state is.
Because happiness in this sense is just a psychological term, one can intelligibly say happiness isn't valuable at all.
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This is the useful split: a psychological account can specify the state, but it cannot by itself show that the state is worth wanting.
The skeptical conclusion is intelligible for happiness in the psychological sense. The other sense of the term is a separate question.