A $1 million dollar bitcoin price means a market cap large enough to settle internationally trade without causing price slippage. A higher bitcoin price adds a large amount of utility.
Discussion
Yes, a higher much higher cap will make it more difficult for the price to wildly fluctuate like it does. But if the primary driver for it getting there is institutions, I would much rather it stayed where it is.
If Bitcoin becomes another version of paper gold, then it will just be another co-opted asset for the billionaires to play with, and they will contribute to eliminating the value it once proposed.
I get where you're coming from, and the solution is ease of settlement to self custody. There is work to do with L1 efficiency, L2 scaling, software development, hardware, and general education. All these improvements are driven by people... people with profit incentives. The price is the biggest thing in most of these peoples minds and I view it as a positive feedback loop.