It's bad enough when stocks like GameStop were treated like a meme and turned into a casino game- you could create an entire industry out of doing that to sub-penny stocks because the low price per share makes even small changes in price very impactful.
It's likely just because for legacy reasons exchanges can't handle fractions of a cent, so below $1 the price becomes too discrete
again, people don't buy stocks with actual physical cash. theres no reason why we are tied to whole pennies. a 2c stock could rise or fall 1% in the same way as a $2 stock could.
plus lowering the number of shares in circulation isn't going to make it less susceptible to pump and dumps.
finance is populated by a lot of extremely well paid people, I can't believe everyone has a blind spot around 'bigger arbitrary token size == better'
To put in bluntly. If you're letting human factors get involved your doing it wrong.