It's one thing to have a person distributing all the coins to himself and then trying to convince you that the 70M+ marketcap you see in coinmarketcap is "fair" and it's slighlty different if he tries to make a distribution to 73 people sound fair (he has slightly more chances to convince you that the 70M+ marketcap is "fair")
Yes, from
moral point of view here indeed is some difference. But economy doesn't care about intentions of its participants. And traders don't care about history of an asset they trade.
It doesn't just involve ethics and morality but investment risk. The fact that "Satoshi" controls 500k to 1.2 million coins is definitely something to consider from an investment risk perspective and should cause a bit of alarm. Bitcoins distribution ratio is not as good as many fiat currencies at the moment and this should make many investors skeptical and concerned. These concerns should be much greater with many alts including NXT.