Yes, logically there is no reason why BTC is priced at where it is. Scarcity is not a sole metric for value, it may be part of BTC but it's also part of SEX token, which is priced higher than BTC because of scarcity.

I've also questioned why BTC and not any of the many hard or soft forks of Bitcoin itself, why core Bitcoin?

There's nothing wrong with community consensus, and I think that's where traditional finance doesn't understand. Loyalty and dedication to a ideology will surpass traditional valuation metrics.

"You have many teeth, but they're not Satoshi's teeth"