So here is an interesting thing....
Your observation has perplexed me for many years. I have also heard the "size" reasoning. My problem with that is then why the exception for the 1925 Gehrig exhibit which took off for the moon not too many years ago?
I think there are some INCREDIBLE exhibit cards that have not come close to being price respected compared to their card counterparts. The 1921 Ruth is the one that tops the list for me. Low pop, unique (great) pose, early in his Yankees career..... what gives? The earlier 1920's issues in general I would say arguably have nicer more appreciable images than many of their card counterparts of the day.
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