My hot take re "too much investment in infra": there's too much investment in *some kinds of infra* and not enough in others, and what's actually going on is, people want to invest in "the casino" but still feel good about themselves, so they invest in the subset of infra that gets spillover profits from the casino.

My added take here is that most VCs aren’t doing it to feel good, but because they don’t know what else to invest in. 

They lack depth of insight or vision to see opportunities beyond the “casino”, but still want to come off as serious, so they invest in some casino adjacent infra.