A /16 is the first quarter of the network prefix. That is indeed like assigning an IPv4 /8 to General Electric in 1985 and then wondering why, 40 years later, we’re out of address space.
Except, we're not actually "out" out. There is a very active IPv4 transfer / resale market. There is a LOT of unused or underused address space out there. I know one local firm with a completely unused /16 that they have not announced in years.
You’re leaning heavily on “like” here. The address spaces are different. That’s the point.