I'd add that VC money goes on lots of companies "just in case" they make it big - not because they can necessarily guess the future. You see it all the time - a fad comes along, and VC seems to be falling over each other to invest in the hot new startups in that space (right now, it's AI).
VCs are also a different thing than most people think. That is, they "invest" $10million in your business. You have to pay back a monthly fee every month, regardless of anything else that's going on. That's effectively you paying the VC some percentage returns on their investment - even though you haven't necessarily made any money.
VCs will also press you to use their consultants to "really help your business", and you can expect those consultants to cost no less than $5k/day. Then of course they take dividends, likely before you get any (as they'll have preference shares, whereas you do not).
So whilst on the outside it looks like they've thrown down $10 million in the hope it might come back to them in 3-5 years, the truth is, they're making money every month regardless of the success (or lack thereof) of the business.
Then of course, if your business doesn't do so well, you can expect to be replaced - by one of those consultants. The VC will be extracting money from the business it's trying to save so that if it succeeds they do well, and if it fails, there'll be literally no money left in it for anyone else to take.
The real money makers are the companies that make it - and they can expect maybe 1 in 30 to be like that. More than 1 in 30 will be a reasonable going-concern, but every once in a while, you find a company that either gets sold or IPOs for 100 times the value it was after the VCs put their money in. That big pay out pays for dozens of failures, and an awful lot of VC bonuses and company perks.
So whilst the average mid-level VC might not look too bright on the outside, they're likely making their employer plenty of money in the long run. They're probably making a decent amount in the short term too. Maybe not bright enough to build their own VC business, but bright enough to make plenty of money.