Why was the government ignorant?

They had a loan program to kick-start electric vehicles. One of their loans was largely responsible for the existence of Tesla and its ensuing success. The loan was paid back.

Should the government have been more profit-maximizing? Do we want civil servants taking large equity stakes in private companies? We fund research (both directly and through the university system) all the time with the understanding that the net benefits to society outweigh the direct costs of the programs.