700K is pretty shit for 16 teams when Iceland was 600K with 10 teams.
Why would they save money for this though. Its probably going to be the second biggest val tournament of the year. A bigger prize pool would only drive up viewership and add more incentives for players in the tournament, especially in smaller regions, to try there best. Plus smaller leagues like Overwatch League have bigger prize pools like 3.5 Million, granted the teams are larger but still.