The blog post zeros right in on the purpose of the pg essay.

It is investor driven.

But the part about businesses building value is what is a little fuzzy? What is value, anyway?

If some "growth hackers", using the incedible and low cost reach of the web, manage to get a million people to "sign up" for some "thing" - never mind that you or someone else may think this "thing" is all but worthless - then this is a "business" that can be exploited. And that's what internet VC do.

Consumers define "value". If they are willing to pay in money or even just attention for absolute garbage, it is still "value". This appears to be true, at least it is true for investors, whether we like it or not.