Perhaps even more worrying then that nothing came out of it: now all that money has flowed into the hands of short-term opportunistic thinkers who might amplify or incentivize even more hype driven companies in the next iteration of this mechanism. Sure, by no means are all of them bad apples (some just jumped on the bandwagon but will long term perhaps become the next Elon Musk), but I think a strong argument could be made that there are enough people of that ilk in the cohort to be worried.