Why is Silicon Valley where it is other than accident of history? The US government could have made military investments elsewhere and Fairchild Semiconductor would have just as easily been in another state.

California and the SF Bay Area doesn't get credit for that. Heck, Silicon Valley was a bunch of fruit orchards for decades. Could have been a different set of fruit orchards in a different state.

Had Fairchild been elsewhere, the Traiterous 8 would have become the kingmakers they became in a different place and Keith Rabois or someone like him would have moved to that ecosystem instead to develop relations at the right time and become rich.

Seattle is the perfect counterfactual to the narrative you're invested in. Microsoft is Seattle's Fairchild.

Saying that all they are doing is "cutting a check" betrays the fact that you've likely never actually worked with a successful VC. The successful ones do so much more than cut a check. For example, the hard work they put in to help you identify and hire talent is indispensable.