I think that's a factor that can't be overlooked as well - inflation. When that's accounted for, last year saw basically a 30% drop in stock market value, in real terms.
But overall I agree...given the bubblicious run up the previous few years, it's more of a correction than a crash to this point. Though crypto, meme stocks, and many tech stocks have seen a legit crash without a doubt.
That being said, the worst could easily be ahead. Historically, equity/housing markets don't bottom out until we're well into a recession. And almost every indicator out there says a recession is right around the corner.