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The Federation Fallacy
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It really depends. If you're in a smaller instance and you look at the global view, you're going to see more of Mr. 16.5% than one of the smaller ones.
Though I suspect usage patterns and the way users interact with instances beyond theirs will play a role. But, in an immediate sense, I could see larger instances having a bigger voice (so to speak).
And now I'll waffle and say it's all a crapshoot because people are unpredictable and social media platforms even more so.
I agree large instances have a bigger voice proportional to their larger size, but I don't think that's really an issue as long as there are plenty of instance options and no single one is so powerful it can force the system to conform to it rather than conforming itself to the system.