The Tangerines led 2-0 at half time after an own goal and a Gary Taylor-Fletcher strike, then hit a further four in the second half, but Holloway believes that Ipswich were hard done by.
"I think the scoreline flattered us to be perfectly honest. They were as good as any side have been here for quite a while and in the first half there was nothing between us," he said.
"They gave a good account of themselves and I think they will have a really good season. They used the ball well and gave our back four problems in the first half.
"I wasn't happy at half-time and I had a word with them at the break because the midfield got it wrong. They didn't understand when they had to press and win the ball back and we allowed them too much possession in front of us."
Blackpool now sit atop the Championship table, having won all three of their opening games.