You have a good counter-point, but consider this example: A Doctor advocates a new medical procedure without doing any research on the procedure. The procedure

You have a good counter-point, but consider this example: A Doctor advocates a new medical procedure without doing any research on the procedure. The procedure turns out to be criminally negligent, and the patient is killed as a result. Is the doctor at fault? I believe an investment is at the very least a vote of confidence, and investments by "important" individuals can lead to their mass adoption. Thus many, but not all, of the investors in the case of Theranos are culpable in my opinion.