In a way it is. It's just taking advantage of the fact that most people are still using USD as the unit of account and thus it can turn UTXO sets into a bell graph and find the best fit for price. If the dollar stops being the primary unit of account to another fiat currency, or eventually even Bitcoin, then this heuristic will break.
Discussion
Captain obvious over here.
If the dollar is no longer a unit of account, then "pricing" Bitcoin in USD won't happen on exchanges either.
However, it does not follow that there won't be UTXO bands in a non dollarized world.
But it's all silly in the medium run because dollar dominance is going to INCREASE, not decrease) in the next several decades. All the small currencies are going to get absorbed into a global fiat oligopoly of 2-3 fiats. The bands are doing to strengthen over that time, not weaken.
Then, even in the case of hyperbitcoinization, society will probably convergev on best practices that will cause banding.