that's undeniably true for all property in most places that have any tourism value, but it's a short-term value akin to "if we light this city on fire, we can probably make a lot of money selling tickets to watch it".
People also have to live in the city for it to have any value as a tourism destination. If an apartment can host a hundred visitors a year but there's no service industry staff living within 50km because all their houses have been converted to AirBnB's, your tourism industry is going to collapse.
Real estate isn't really that controlled by market forces. Its a means to an end and pricing does not actually represent best utility.
I agree in part and disagree in part. I do think that regulatory arbitrage is part of what makes Airbnb, Uber, et al valuable. I don't think it's the exclusive source of their margins. They generate a lot of value through creating a liquid 2-sided market.