I was unfortunate enough to land in a combination of BOTH: the accelerator was made by investors with literally ZERO experience with technology companies who were extremely cheap, and a local government that wasted taxpayer's money on it. I say waste because most of the money went to friends and family of the investors/organizers who didn't put a dime out of their collective pockets but went ahead and hired each other (and each other's acquaintances) to fill mentor roles within the accelerator.
What a joke that was, we got literally nothing out of the experience, we lost precious time having to deal with all the bullshit they made us go through. Contacts? they were nobodies, so no rolodex magic for us. Press? again, a bunch of nobodies, all press we got was BYO, in fact the accelerator mooched off our existing contacts with tech blogs and got some coverage for themselves.
Because the "investors" were cheapstakes along for the ride nobody got any investments from that network, only one team which secured a line of credit from a local no-name bank thanks to the local government (again more taxpayer money).
There should be a tripadvisor for accelerators, there was no way we could know what we were getting into.