Pre-Covid, the narrative around drug companies was all about inflated insulin prices, the opioid epidemic manufactured by the Sackler family, and the profiteering exemplified by the likes of Martin Shkreli. The industry hadn't produced any truly high-profile successes in many years, and promising to reign in their worst excesses and get costs under control was politically popular.
Post-Covid, the drug industry are the cavalry heroically saving the day. They're no longer an attractive target for politicians looking to visibly battle the bad guys.
DOJ hasn’t stopped taking on major cases and if anything the WSJ journalist who was critical in uncovering the lies and wrote the book on Theranos could have had even more time to poke around.
Plus most importantly the VCs would be putting on a lot more pressure to see something real, something they could use ASAP.
So I could see this have the complete opposite pressure you imagine.
iirc, there is even a historic thread on HN where if you go back to the comments, its mostly people proving that there is almost certain fraud behind the scenes.
... they new the business was convincing enough to get a contract for blood testing with CVS, effectively lining it up to be a direct beneficiary of a not-insignificant portion of ACA funds for several years until the fraud came to the surface
in my view, holmes and the blood testing device are just the patsy/'fall guy' story - it's the higher up relations in connection with getting the CVS contracts that should be getting investigated