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But couldn't one also argue that at the beginning the supply is low because almost all of it is locked, increasing its scarcity and thus price? As opposed to when the locking is over, when the market is "flooded" with MEX, decreasing its price?
The opposite I think. At the beginning, supply will be high and rewards are decreased over time. The initial flood will be at the beginning, though it is a valuable initial flood because tokens will be backed by locked liquidity.