I agree with most of what you say here, but what if a16z aren't taking big risks at all? If they have sub-investors and media ready to bite regardless of details--or in the complete absense of them--that's not a risk, it's a plan. That's the Venture hoax: that they're taking these big risks on moonshot tech, but are in fact trying to push the line between plausible ambitions and aburdity. Most VCs I know or see online are constantly bragging about their exits, and most aren't that smart. Adam is simply the best liar, able to make the absurd seem like a plausible ambition. I don't think most of the people who believe him are adults; they're little boys and girls believing the dream of a tall, handsome grifter (as a tall, handsome non-grifter, I'm constantly having to distinguish myself from guys like Neumann).

You are absolutely right about WeWork's lack of innovation, aside from showing landlords how to charge more per/sf with a few slats of reclaimed wood and cold brew and beer on tap. In other words, branding and aesthetics matter.