If the pitch was "We make an already popular market segment more user friendly", that's cool. But the pitch is instead "We're making, from the ground up, a new market segment, and it's going to transform the world." followed by a list of things already done to various degrees of quality by dozens of products that already exist and that basically everyone formed an opinion on a decade ago and that at any rate aren't really revolutionary. Pitching stuff like "Universities will make virtual versions of their campus in the Metaverse and people will walk from virtual building to virtual building to take classes" or "The future of stand-up comedy is clapping as a cartoon avatar while you watch a cartoon avatar of a stand-up comedian do comedy in front of you."
If Meta pitched tomorrow that they were going to revolutionize transportation by coming up with a $1,000 self-balancing personal transportation device, I could definitely be convinced that they could spent their way to a better Segway or a better electric skateboard or a better electric skooter or a better wheelchair or a better AirWheel. But if they refused to discuss any of those existing products and their beta looked like a worse Segway and they were promising how the whole world would change because no one would ever use a car or walk up stairs again, I'd be really skeptical.
It's a little bit like Jeffrey Ketzenberg telling me Quibi is going to revolutionize television, while admitting he doesn't watch shortform video content and hasn't looked at any of his failed competitors, but saying "we've fundraised 10x what they have to make this work" and dismissing the widespread negative reaction to the concept and execution as people not daring enough to see his vision.