Mo Money Mo Problems doesn’t refer to money or wealth in the abstract for the community as a whole, it’s about an individual making substantially more money than their local peers.

The situation presented by OP is one of a rising tide, that lifts all ships, where as the dynamic elicited by Biggie Smalls is fundamentally one of wealth inequality. If there was both enough wealth to go around, and wealth sharing mechanisms in place, it’s not clear that mo money would be mo problems.