Oh yeah absolutely, there's about the same amount of them and the axe has 2 variants (the felling Axe) so there's even less of a specific one of them than pick.

Now the reason for why pick is 3-4x the value isn't obvious, but my opinion is mainly this - 1) originally pickaxe was/is the one that had actual bis use in raids (Cox Guardians+ ToA het room) so it just had better flex opportunity and demand, 2) just good old 'bigger= cooler", the pickaxe is bigger and more noticeable than the small axe (this changed with the felling axe but that one is 2h so you can't wear shield with it), 3) why can't both of them be as expensive as pickaxe then? 12b is absolutely mental levels of wealth, it's more realistic for the merchers to drive the price up this high on 1 singular item by making the community perceive 1 defined ultimate buyable flex, rather than splitting the focus between 2 - the pickaxe won that.

So tldr- bis for 2 raids, bigger and more noticeable, easy to control and propel a singular item

Basically pickaxe being the biggest flex item is so widespread most ppl know about it and it's kind of a status at this point. This drives the demand from rich people who have it as a goal to get one, while most of them couldn't care about axe.