You are just using the city's alone population, which is a bit misleading. When it comes to pro-sports MSA and CSA mean a lot more. Otherwise, markets like San Diego and San Antonio would be viewed as more desirable than they are (the 7th and 8th most populated cities in the United States). While, Phoenix is a much bigger MSA/CSA multiple other ones are significantly bigger than the ones you've listed (NYC, LA, Chicago, and Houston), areas like the DMV, Bay Area, Dallas/Fort Worth metroplex, Boston/New England, Philadelphia, Atlanta, and South Florida.
I feel bad for fans of the Coyotes. It would suck to have your team taken from you. While growing, Phoenix isn't a top 5 most valuable market in the United States and is likely just outside the top 10.