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?

I think it’s because the revenue doesn’t actively accrue to token value

If there were rev share or buybacks or something they’d get valued closer to traditional companies

Not every company does dividends or buybacks tho. And many trade at valuations that don’t match anyway. 

Any token could do buybacks from their treasury, but you also could look at it like ppl who continue to buy the dips are doing “community buybacks”. 

If enough hardcore community members have revenue streams that they continue to buy the token with, you have revenue accruing to the token, just in a more subtle way than the company saying “we’re doing buybacks”.