I'm not sure I understand your confusion. Yes, any vetting that occurred would have occurred in the past. Clearly there wasn't as much vetting as some other comments i've seen might have hoped. Nevertheless, a system which requires minimal vetting (as suggested by others) only works if participants aren't literally fraudulent.

I'm just repeating myself though. That's all in my original comment.

"What do you guys do?"

"Oh... you do X? We funded a company _last year_ that also does X. How are you guys different?"

"Ok, I see, it is a fork. Very nice. Let me check what changes have you done"

I know most VCs never read commits, but they could have someone to check them for them. Maybe this is one of those changes Garry mentioned.