It's like saying you are not a human because you're not white. Ponzi can have same structure and look legit perhaps play longer.
Edit: Wow my texts are flagged. Strange!!
At this point I've worked for, worked with or invested in over 50 different VC-backed startups. I have been brought in to see their code and the internals of their products. Yeah sure some opportunistic sociopaths like to raise stupid seed rounds on a fugazzi pitch deck. And the industry is frothy with fundraising. But you can't categorically classify the industry as fraudulent.
There exist many varieties of high risk investments with a long time horizon which are not fraudulent. Everyone knows what they're getting into. Cases like Theranos are not the norm, which is why they received outsized attention when they're uncovered.