"I don't see the point in owning a million shares at .01 when you could own 100k at .10 and look a whole lot better to the industry."

How is it better? So you must consider owning 10 shares worth $1000 each the best ever?
Same market cap from your example. You do have a point, but incomplete imo.

The problem with a $1000 share is that some would like to buy a fraction of a share and lack of liquidity while with penny shares is the transaction cost that you pay to a broker due to pricing being linked to number of shares traded. A penny stock can only go to half penny or to one and a half so no opportunities to trade on small changes that do not exist. For those reasons companies split the shares.

Bliss is a happy medium between the above extreme examples.

I see no problem with a company having 300 million shares except with the perception that some have. Where there is a serious problem is that some may buy a stock at 10 cents and it is dilluted to a penny. So it is the decrease of value to the shareholder that is the problem and not the price per say.

The trick is to be able to find stocks that will appreciate from the time you buy instead of concern with the actual price of the share at the time.