I think the difference is production vs the eye test.
TQS-IR will not get that kind of money from us or anyone else. He is also not looked at as a legitimate WR2. stats don't tell the whole story. TQS-IR got lots of playing time because we had a depleted WR corps and he was on the field by necessity.
MVS has been fighting for reps behind Devonte Adams, Randall Cobb, and Aaron Lazard. Devante alone has had over 600 targets since MVS get to Green Bay. He hasn't really had a chance to show his full potential. He plays in more games than Smith but fewer snaps per game.
Lots of TQS-IR's snaps come in fewer games (cause he's injured) and he's playing nearly every down (Especially the last two seasons) He's had the opportunity to be featured, but MVS has not.