I think the letter V should be removed from VC to better reflect your point that these are barely ventures - they're more like a rigged casino spin for those that don't have the talent to do the building themselves.

That's what the letter V was historically understood to mean. As the article says, venture capital used to be a small segment of the capital markets for the uncommon set of companies who can't prove their idea is any good until they get more capital than their friends and family have to offer. The idea that venture funding is supposed to be anything more than a rigged casino spin is upstream of quite a lot of the problems people have with modern VC.