I think too that when venture capital is willing to endlessly throw money at unprofitable ventures, it dilutes the advantage of those that are running a profit

I think too that when venture capital is willing to endlessly throw money at unprofitable ventures, it dilutes the advantage of those that are running a profit to near zero, which means that when investor sentiment eventually flips, we may find that there aren’t any sustainable businesses in the field. Competition based on profitability is really the one thing that capitalism is supposed to do well, after all.