Why is it obviously dysfunctional or consumer-harming? Can you imagine Apple, Google, Facebook existing without the model? Because each needed large capital in

Why is it obviously dysfunctional or consumer-harming? Can you imagine Apple, Google, Facebook existing without the model? Because each needed large capital investments before turning a profit. Equity investment was the only obvious solution for that large upfront capital, as tech companies normally don't have collateral with which to secure debt. Such equity investments are high-risk by nature, so investors want high potential rewards. Thus, it stands to reason that such companies wouldn't have succeeded if there weren't a mechanism for high-risk, high-reward equity financing. I'd argue that all of these companies are functional and also that they've made consumers' lives demonstrably better. Maybe few question it because it's worked so well?