That is very true. I'm going to write something up about WSJF in practice in the future, but it has some real benefits to fixing that issue.
Particularly when you get the decision makers in a room and get them all to agree on the estimated value of each item. Not only does it remove the numerous priority #1's, it also gets everybody aligned on what the real priority #1 is and why.
I've seen it done where people are surveyed separately and it only works well when the people involved are forced to have a conversation to put real numbers to their assumptions, coming out with agreement. The other side effect is that it solves the squeaky wheel problem.