There are several versions of the pico and the latest is designed to be a bit sub0hm, so first thing I would check would be is it the same version. Not trying to offend, just ruling out one thing along the way.
I am in agreement that there are many things that can change vapor production, including juice ratio, wattage, type of coil, airflow, etc. You can certainly adapt those things until you find a satisfying vape, although I don't think I'd ever call the pico a cloud producing monster, like some, but you can try some adjustments.
Good luck,
Anna