People are generally honest of course but investing is an adversarial setting essentially by definition, where honesty is hard to come by. Sometimes being more honest than needed might even put you at an unfair disadvantage, and keeping some cards close to your chest is just expected.

And of course, it's not like you have to get VC involved in order to run a successful business. You can self-bootstrap, which lets you focus 110% on efficiency and doing more with less. No BS involved.