I definitely see this from inside the VC industry: half of the investors I meet think this category is dumb and doesn't have moats, and the other half have FOMO

I definitely see this from inside the VC industry: half of the investors I meet think this category is dumb and doesn't have moats, and the other half have FOMO and want to bet on the space in case an Uber- or Lyft-sized company emerges from it. A 3% chance at a $50b company makes an investment decision rational even at crazy early stage valuations.