I still don't understand how they are valued at all. They don't invent anything, don't know how to help people who do, and are often bad at caretaking what has been built.
This is not meant as a swipe at them, but I honestly do not understand why they are highly valued.
In general, MBAs are better at this than those with technical training.
Further, a VC doesn't have to understand the intimate technical details of an opportunity to recognize that it is a valuable opportunity.
I'm not saying this makes for a good relationship with your VC, but that's why the equilibrium set of employees tends towards MBAs instead of PhDs.
However, I think you'll find that many VCs in the top-tier did engineering at undergrad, then got an MBA.