It's extremely common across all segments of society. Someone who isn't really that good at anything gets randomly successful, develops a strong case of narciss

It's extremely common across all segments of society. Someone who isn't really that good at anything gets randomly successful, develops a strong case of narcissism fueled by confirmation and survivorship bias, and then proceeds to set fire to massive amounts of money as they fail in subsequent ventures. Analogs exist in politics and military leadership too. It boils down to a few things: (1) humans (even very savvy ones) are absolute suckers for charisma, (2) it's very hard to tell who is "for real" unless you invest a ton of time looking under the hood and have enough domain expertise to judge yourself, and (3) success itself is determined by so many factors that investment is perilously close to gambling anyway.