It's not entirely true, though. While you're basically correct in saying that only a small percentage of your followers will read and upvote you, you also see loads of posts with much more upvotes than views.
Bots and auto upvotes will do that for you.
And of course if you're already a whale,a single self upvote will already put a nice sum in your pocket
What specifically is not entirely true?
I agree, posts will have more upvotes than views, of course, we do see that all the time (because of bots, etc).