I don't have nearly as much experience as you, but I think you make a great point. I tried Plethora about a year ago and was disappointed it couldn't make a single part I needed, and that it had such limited materials.
Although I wish Plethora the best, they do seem to have fallen into the mindset of thinking they're different when they appear to be reinventing the wheel (and making it worse). My guess is Animats has it right and they're hoping to get acquired by Autodesk. I'm surprised how many startups today are designed solely to be acquired (I doubt Plethora started with this mindset), and if they fail at that then they have zero chance of going public as they have no chance of sustaining profits.
Of course, maybe I'm wrong and they know something I don't. I always love to be proven wrong by someone succeeding.