- project overpromise to a point of absurdity (e.g. Tesla (still has questionable full self driving), SpaceX (in recent times there had been absurd differences between claimed rocket load and what we then find out the rocket actually could load, like 100 Tons being only 15 Tons IRL level of differences), etc. etc.)
- project jumps on some hype train (e.g. AI)
- project has some eccentric owner which is good at selling it, even if it doesn't do what is sold
- owner also goes with the "move fast break things"
- owner acts widely (likely actually criminally) negligent in "safety" topics, shipping something is more important then the damage the negligence will causes, in some such such cases even if it's close to guaranteed that the negligence will kill people. Another way to phrase this point is they follow the "move at ANY cost so fast that competition can't keep up until you win by default" motto.
- owner has some "Vitamine B" connections to rich risk friendly investors (aka. the "friends help friends", "cartel-like", "kinda looks like corruption" structures we have been seen from time to time in the background of SV-related startup investments)
So I don't think you are missing anything about Omarchy, it's more like the whole investor culture around SV is severely broken, unhealthy and in their recklessness IMHO more damaging to society then its helpful. Not speaking about how this background structures twist the founding/startup marked in a way which may look to the outside to be "fair and open" but in fact isn't, if you don't "bow" to the right people and their ideology you aren't getting anywhere.