Nice question and I think there will be some better answers to add to this but here are my immediate thoughts:
Let's assume we want to send the same amount of data, over the same range. The OP has clarified that one case has wider overall bandwidth, with lower power density (each sub-carrier for both cases has the same bin spacing), while the other with fewer sub-carriers will occupy less overall bandwidth with higher power density.
I will assume both cases have a large number of subcarriers overall, so therefore there will be no difference in PAPR. Given the central limit theorem, both cases will approach a Gaussian distribution if the number of subcarriers >> 10 and the data in each subcarrier is randomly assigned.
The obvious observation is one choice will be preferred when we care more about spectral efficiency than power efficiency (or vice versa). For the case with a larger number of subcarriers, we can transmit the same amount of data with smaller constellation sizes, which are more power efficient (less power per bit transmitted). When we go to fewer sub-carriers and want to maintain an overall data rate and range, then we must go to larger constellation sizes which are more spectrally efficient but less power efficient. This also adds cost/complexity to the overall transceiver design as a higher EVM must be maintained (so requires better clocks, timing, phase noise, linearity etc all adding cost and complexity).
So I think the consideration comes down to bandwidth available- if the bandwidth was there, the choice would always be for the wider band solution- smaller constellations can be used for the modulation in each subcarrier which are more power efficient and can get away with less accurate implementations in the RF hardware and overall transceiver design. Further, we can reduce overhead given more bins in terms of how many bins are used for pilots and the time slots for the cyclic prefix compared to the symbol duration (with more bins of the same bin spacing, the OFDM symbol duration will therefore increase).
As insight into the power vs bandwidth trade consider the following chart published in EETimes showing symbol error rate vs EbNo for the different modulation choices that could be used for the OFDM subcarriers. The ones with lower SNR per bit also transmit a lower number of bits per symbol (so less bandwidth efficient).
