It’s not an ‘argument’. It is absolutely factually correct to say that the US Olympic record is heavily skewed by its massive population, and that on a per capita basis the US is pretty much mid tier, and certainly well behind the UK.
Your point re gold is certainly more of an argument, but applies to every other country too. I would argue that the US actually benefit from this again by having a disproportionately massive number of medals available in something like swimming, which the US usually dominates. There are more gold medals available in swimming than their are in boxing, weightlifting, shooting, judo, wrestling, canoeing and cycling put together. The US won over a third of their total gold medal haul in that one sport.