Total supply is not the only important factor. If there are a million units of some token and a thousand people hold it then each token will still be worth more

Total supply is not the only important factor. If there are a million units of some token and a thousand people hold it then each token will still be worth more than if there were just a thousand units, all held by one person. Network effects matter far more than total supply! If you squint even Bitcoin had an airdrop: Bitcoin has been in an inflationary regime for its entire history and for a while was giving out Bitcoin to anybody who ran the right program on their laptop.