The difference lies in btc's difficulty adjustment, which ensures the system dynamically responds to changes in mining activity. While value is subjective, difficulty ties hashrate directly to scarcity. As more work is put in, mining doesn’t get easier, it gets harder which maintains btc’s fixed supply schedule. This ties hashrate to scarcity,making it a measure of effort and security, not just subjective value.

So the hashrate's correlated to one of Bitcoin's (better: good money's) properties (scarcity) which makes people value Bitcoin more. But, I must insist, the true value of Bitcoin isn't measured in hashrate. It's as if you claim "The real value of a tiramisu is measured in the artistry the biscuit is dipped into the espresso." Which, indeed, makes a better tiramisu and let's more people enjoy it/value it more. But because there are crazy people out there who don't like a tiramisu no matter what, or because they've eaten three slices already and are full - no Italian nonna will succeed in providing value.

Sorry, can’t argue against people’s preferences or feelings.