On the other hand, the OP's assertion that money just flows to people who "look right" (my words, but true) without real regard for the product itself, applies

On the other hand, the OP's assertion that money just flows to people who "look right" (my words, but true) without real regard for the product itself, applies largely to seed money only. A proper Series A round (or more) should require a strong product and customer feedback. So I think my point still holds. Seed VC is looking at market opportunity and founders who "look right", not a killer product that customers love, because the product may not exist or have a significant customer base yet.