Indeed, it endangers only the optics - which if each higher level of VC is playing the game of optics and not sustainable value (meaning they don't actually understand the long-tail market, or they do and playing the optics game/gambling for quick money), then it certainly endangers the survival of their VC fund/company, perhaps reputation - and perhaps if they take money from the wrong people, it could endanger their own lives; what happens if you lose someone's $1-10B+ who's expecting a decent return (under shallow pretences and understanding) who's a bad actor?