They are creating managed funds that make money, you can't access them. The problem with index funds is that a lot of the active capital is moving to closed markets.

So when the bogleheads endlessly debate the perfect portfolio mix, they miss the point that they have zero exposure to private equity and other markets.

Index funds are better than managed funds, and are mostly better than individual equities. That doesn't mean that 100% of your money should be in them.