The DLY value is not measured, it is just a value that IOS thinks appropriate for the interface. It is used by routing protocols such as EIGRP as a basis for one part of its composite metric. You can configure a different value if you want.
In fact, if you want to influence the routes chosen by EIGRP, the recommendation is to play with the delay value rather than the bandwidth because it gives you better control of each hop on the path individually.
Kevin Dorrell
Luxembourg