Only being very familiar with CO, I'd guess it has more to do with elevation. The lower in elevation you go, the fewer named peaks, at least maybe as a percentage of the peaks in that elevation range. CO has some seriously difficult lower unnamed ranked peaks in the western half of the state.
One reason why the highest peaks in Colorado are named is because most of them are near historic mining areas and were named long ago. I believe that this is the #1 reason that most of the high Colorado peaks are named, though of course it isn't the only reason.
Using Colorado's neighboring state Utah, for example, most of the higher peaks aren't named, while most of them near populated areas are. In this case, elevation has no bearing on whether or not the peaks are named.
In Utah, the 26 of the highest mountains in Utah are in the Uinta Mountains. Only 9 have official names. The Uinta Mountains however, don't have any many historic mining areas (I only know of a few prospects on the far edge of the range) and many of the peaks aren't even visible from any roads. It isn't surprising that they never had official names.