It is.

Everybody just focuses on two possible outcomes that are easy to define -- what is the probability it goes bust and what is probability it is going to add a letter to FAANG.

I think the answer is laziness. If you invest money you shouldn't care much about the size of the company you are investing. From a purely financial point of view should be looking at return on your investment where return is defined as an integral over all possible future payouts adjusted for their probability and adjusted for your risk tolerance.