I remember learning of the Fama French model saying small cap companies deliver outsized returns due to being higher risk and deciding that probably won’t hold

I remember learning of the Fama French model saying small cap companies deliver outsized returns due to being higher risk and deciding that probably won’t hold in a world where companies can be deemed too big to fail and propped up by the govt. Why invest in companies that can fail when the large cap stocks have the backing of the federal government? Add to that the fact that promising tech startups stay private it is irrational to invest in anything else as a public investor.