Because, despite all the belated narratives from a lot of people perusing this very website, Venture Capitalism is not a driver of innovation. It's an efficiency filter to supercharge capitalism and speed up the concentration of wealth into the pockets of the VCs themselves. Software is nimble, has less overhead, can be optimized for profit faster, can be recombined, pivoted, repurposed way faster. Ergo, the market economics of VC are terrible at naturally selecting for innovation with a societal benefit, because that’s absolutely not in their firmware.