The two coils of a humbucker have less output than the same amount of wire in one single coil because they have a lower inductance (twice 5000 turns of wire around humbucker bobbins are approximatively 1/3 less inductive than 10000 turns around a single P90 bobbin).
But the two coils of a humbucker have also twice more inductance than a single coil hosting 5000 turns, obviously... and therefore more output. Splitting a humbucker should illustrate what I mean.
So, it seems justified to say that two coils increase AND reduce the output. It depends on the starting point selected as a reference.