Although Olympus allows the market to largely determine the price of OHM, it does use the assets in the vault to help keep the price as close to a dollar as possible.
Minting is a form of dilution which puts downward pressure on the price. I think of it as a 'soft peg' to the RFV of $1 per OHM. Note the protocol explicitly mentions OHM is not pegged but rather backed by $1, nevertheless this is a good mental model