Why has BTC accrued more value than ETH?

I am struggling to grasp why BTC has accrued more value than ETH since ETH has way more transactions/usage happening on it's network. I get that there is more of a scarcity model going on with the hard cap of BTC vs. the inflation of ETH but I would think that with so much more demand for usage the inflation would be cancelled out (especially with the anticipation of a higher burn rate through future usage coming up with ETH 2.0).

Can someone help me understand what factors (contributing to value accrual) I am missing here? Does it basically just come down to BTC being a first-mover and having better memes? Is it partially due to the higher costs per transaction on BTC?