I didn’t say you did, it was an honest question, and I honestly think Palmer does have an argument to be ranked #1 or 2. After Figs, the rest of the top 125’s all have some questionable losses (as does Palmer but at 133). But he also has a win over Nagao, not that that really factors into 125 rankings.
I think one argument for him being ranked so low is in theory you could look back at some of Palmer’s losses to guys that also spent time at 125. I believe the only one last year is Lamont, who has losses to Kaylor (2022) and McKee (2021).