Maybe the max supply is not very important as you have seen. Look at the market, there are plenty of coins even it don't have a limited max supply, still fetch for a good price. A good use case is far more important than try to hold a coin with limited max supply as its main attraction.
Obviously, a good use case on a product from a project is a very important thing to look at rather than keep the coins at a max supply, because we can see the progress of a project through the number of products used by everyone in real time.
Yes, I think the idea of cause demand by limited the supply is quite old and doesn't work anymore in today's market. Look at the top altcoin on CMC expect ETH and BTC, see any coin stay there just because they have a low supply? Don't count in the new one since their price hasn't stabilized yet.