No, it's a very
visible example of socializing the risk while privatizing the profits. It's pretty small potatoes compared to the normal contract guarantees to even, say, companies doing highway maintenance, and let's not get into the "socialization" of science funding. Where are our guaranteed ROIs on NSF grants?
The government makes these investments all the time. In fact, usually the (barely implicit) goal of government funding is to also encourage job and wealth growth. $12 million isn't much of a return, but even revenue neutral is a win for the average government investment. And, like the tax breaks to encourage people to buy the very cars the government was helping pay to produce, the idea is to help kickstart an industry that might not have the differential to self-start, but has the potential to eventually be self sustaining and bring outsize benefits compared to the investment. Basically the same reason we fund basic science research as well.
And again, this is highly selective outrage. You can disagree with the whole category of government-sponsored industry, but you have a bit of an uphill battle there. Meanwhile, there are far more "classic" examples all around, not to mention the two other major car companies that together received nearly 16x what Tesla received and have so far not exactly put in a great showing for the industry-creating change that money was supposed to help fund.