This is a cultural flaw that predates image generation. Even PG has made statements on HN in the past equating “rendering skill” with the quality of art works. It’s a stand-in for the much more difficult task of understanding the work and value of culture making within the context of the society producing it.

Suppose the deck for Midjourney hit Paul Graham's desk, and the CEO was just an average Y Combinator CEO - so no previous success story. He would have never invested in Midjourney at seed stage (meaning before launch / before there were users) even if he were given the opportunity.

Better to read that particular story in the context of, "It would be very difficult to make a seed fund that is an index of all avant garde culture making because [whatever]."