I don't think this has anything to do with it. In your example, you used an arbitrary number (0.0001) as a transaction fee, but if there is no competition, then no matter how much 1 ALT unit costs, the user can divide it into smaller pieces in case 0.0001 is expensive. In 2014, you'd be paying more than 0.001 BTC as a transaction fee. Ten years later, you'd pay less than 5% of that.

It's a matter of competition. If there is no competition, no matter what the price of one Bitcoin, people pay low fees. Respectively, if there is competition, transaction fee is defined by what the people are willing to pay for it. If 1 BTC = $1M, you'd notice decline in sats/vb.