I think we (I, maybe) default to the mistake of thinking in terms of "one big systemic explanation." Ultimately, something like investment in or success at innovation doesn't follow strict rules. The factors that go into it tend to be local. Any practicable "Theory of Innovation" is likely to be true locally, at best.
A few years back Neil Degrasse Tyson, advocating for a re-funding of the NASA space shuttle, made the argument that private companies will never pioneer space exploration. Mars missions and such. He had Elon in his sights, but also others who were starting to "invest in space" at the time.
It was a good argument. It was logical, consistent with 50 years of space exploration experience and parsimonious with analogies from other industries, history, etc.
Neil was also wrong, and I think he'd agree to moderate that argument significantly today.