1. An AM station may elect to reduce power for reasons of their own choosing.
2. Reduction of minimum power of a given station does not change incoming interference from other stations, power lines and other devices. At greatly reduced power usable local coverage declines precipitously, yet creation of significant outgoing interference can remain. This is not necessarily good allocation practice.
3. In my opinion, unless an AM station had plenty of money and wanted to locate on higher priced land for a reason, historically they located farther out on land that was less expensive, if they were OK with the resulting signal.
It's a bit of an illusion; AM site land that is now "worth more than the station" may have been located outside town when the station was built. No different than the farm that is now high market price land, and is sold for highest and best use. Or not.
4. My view is underlying real estate and the AM license/business are two different things. Land is a hard physical asset, business activities come and go. Might not be good logic to connect them automatically. i.e. reduction of market value of the occupying business does not mean the owner "has" to sell the land. Just because market price is high, does not mean you have to sell today.
Some people may operate a business because they want to, as a hobby activity, covering an operating loss with discretionary income. Some own a boat, high-end car or vacation cottage, others have a radio station, restaurant, boutique shop, drinking establishment, etc.