There are countless tokens that are undervalued relative to their revenue/profit.

Most of the market just doesn't know enough about them, so even if they're "undervalued," there's no indication that new money will catch up to the same thesis.

This is significantly less true for stocks of public companies.

Why?

Yes, what others said, but also related to trust in the legal system. It’s why companies in countries with less trusted legal systems also tend to be “undervalued.”

You trust that the legal system enforces your rights as an owner. If the company is sold, you get a piece. Shareholder votes will actually matter. Fraud/corruption is more likely to get found out.

So it is not always truly  undervalued. It may just be valued according to your chances of a return relative to risk.