Good points. But I'm trying to understand why do they even fund startups even without a well defined moat? I've heard that VCs will fund (even seed round) only

Good points. But I'm trying to understand why do they even fund startups even without a well defined moat? I've heard that VCs will fund (even seed round) only if the startup has a chance to make atleast $100M in ARR. Then why do they bet even on startups who just copy and without a proper moat?