Honduras has a population of over 9 million in 2020 according to the site I checked, that is not really a small population, although it is still small compared to many other countries. But what can be said that the population is small is because only an island called Próspera make bitcoin a legal tender, not the whole of Honduras. But what I noticed was that even when El Salvador accepted bitcoin as a legal, the price of bitcoin did not increase, probably because the El Salvadoran population is around 7 million people and not a country of focus like United States of America or China. Also I have noticed more price increase when whales and institutional whales are buying bitcoin than news partaining to said to be small countries bitcoin adoption.
I would guess that just one island of Honduras making bitcoin legal tender shouldn't have impacted bitcoin all that much anyway. Why did you assume that bitcoin should have been higher just because it is a legal tender. I mean if all of Honduras did, then maybe we could have talked about something else, but this isn't like that, this is just a situation where one part of Honduras did and that would not have too much of an impact today.
Maybe in the long term we would see companies moving there for the ease of being a crypto company there, like how they are using Malta right now for example, and used other places like Bahamas, but that is a long term thing and wouldn't change it overnight.