No, just hashing the password a million times is not more secure than scrypt.
There are at least two things that are missing:
- the use of a salt, which differentiates the hash when users use the same password and prevent rainbow tables;
- the memory usage of scrypt which can make it harder to crack passwords using specialized hardware.
What you are trying to re-implement is a password hash or PBKDF (Password Based Key Derivation Function, the same thing but to derive keys instead of hashes). There has been a password hashing competition not too long ago which Argon2 won. Baloon hashing is a later password hash created by a team of cryptographers.
I don't know which of your co-workers or acquaintances think that they could do better, but I think that they should learn about the Dunning-Kruger effect.