Eh, in general, but equating the reasonableness of a fund by the percentage of their total is not sound. $100B can still be dumb money, and inventing valuations as a product of this is actually harmful to actually-viable companies. It sucks the air out with bad money (if you can believe in such a thing).

"VC" is not a synonym for "smart money," and "the idea behind VC" being "everybody is betting tho" doesn't explain their outsized presence and outsized effects.