That's roughly equivalent to the old command capital calculation from Powerplay 1.
Calculating the current map based on score = log10(population)
Code:
+---------+----------+---------+------------------+
| systems | billions | cc | power |
+---------+----------+---------+------------------+
| 1561 | 1104 | 10161.1 | Edmund Mahon |
| 1646 | 858 | 10125.0 | Aisling Duval |
| 1461 | 685 | 9060.4 | A. Lavigny-Duval |
| 1106 | 627 | 6927.0 | Yuri Grom |
| 1001 | 588 | 6414.2 | Li Yong-Rui |
| 838 | 488 | 5381.5 | Jerome Archer |
| 841 | 317 | 5265.2 | Pranav Antal |
| 819 | 137 | 4695.4 | Nakato Kaine |
| 663 | 454 | 4281.5 | Denton Patreus |
| 676 | 213 | 4085.5 | Archon Delaine |
| 587 | 412 | 3880.7 | Zemina Torval |
| 611 | 296 | 3880.1 | Felicia Winters |
+---------+----------+---------+------------------+
Winters drops behind Torval (by less than a single system...), Mahon stays narrowly ahead of Duval for now, Antal and Delaine fall marginally back behind Archer and Patreus.
This is certainly a possibility for making larger systems more important without making it mostly "this one matters and these thousand don't".
(As far as other measures of "importance" go, there
is whatever algorithm currently generates System Strength Penalty values. That seems to be partly correlated to population ... but not entirely, there are plenty of exceptions in both directions. Of course, System Strength Penalty is very much a "thou shalt never attack an important system of another Power" mechanism, so is doubly pointless if the high-SSP systems aren't worth any more.)
This is
also a throwback to the Powerplay 1 system, specifically to one of the most hated bits of the Powerplay 1 system.
Powerplayers generally weren't fond of it because they had to stop doing Powerplay and start doing BGS stuff to optimise their space for their Power.
BGS players without an interest in Powerplay absolutely despised it because the organised Power groups were a lot bigger than they were and there wasn't a lot they could do if they were suddenly the "wrong" type of faction.
Quite a lot of the Powerplay 2 design seems to have been done to try to separate out Powerplay and direct BGS effects
If the aim is to encourage inter-power
competition then "this system is great for power A but no use to power B" and "this system is great for power B and no use to power A" just encourages them to peacefully take the systems they each like and not to try to rob each other.