More importantly, it allowed organic price discovery to occur. This eschews that process because the indexes are _forced_ to participate essentially at _any_ price, so rather than the market writ large having the opportunity to reward or punish the underwriter pricing of the IPO and determine any true idea of price, they're forced to buy the banker's narrative, which will intrinsically prop up the stock to some degree, but at what cost, and based on what underlying?
While I like the dreams Musk sells of self-driving cars so good they don't need steering wheels, of space colonisation and useful robot workers cheap enough that I could personally afford them, at this point I don't trust him in particular to actually deliver any of those things.
(And no, you can't convince me with some variant of "look at ${current version} of FSD" or "look at progress with Starship", etc., that's like responding to someone who doubts you can build a house by pointing to a pile of bricks: they're a necessary step, but aren't sufficient).