There are multiple feedback loops. When energy is expensive, mining slows. This impacts yields from miners, and supply of new coins to the market. Also, there is a point where it is cheaper to buy the coins at certain energy prices; thus cost to produce the coins is a component in their market price. It is ignoring reality to say they are not linked concepts. One can demonstrate this in the myriad of shitcoins over the years — their value collapsed when mining stopped. When people did not want to pay to protect the network.

Exactly which leads which is probably something that will switch over time in various cycles of its adoption.