I see a lot of people on this thread like to hate on IOTA. I find it silly. I own all of iota, byteball and rayblocks and really hope all of them succeed in their own way. Let's all be friends!
How come IOTA has much bigger market cap than byteball ?
A combination of factors: listed on bitfinex at the launch; it is undeniable that there is some hype; you can also speculate that few people bought in the ICO, which makes it easy to pump the price.
I guess the third reason that you've mentioned is probably the main one. But then, if true this also would mean the coin is very centralized, which is not very good for a currency.