Having a big player as the "ARM of Risc-V" funded by VC was so toxic. It takes the oxygen out of the ecosystem.
The next step in open hardware is not having more proprietary silicon shops, it's streamlining the manufacturing process to make it look more like pooled PCB manufacturing, so that open collaborative groups can cheaply iterate their designs.
Open source collaborative groups are not going to do shit in this space piddling away in their garages or community workspaces. It takes hundreds of millions of dollars to build a fab that can make competitive chips and beer money donations are not going to get us there.
Lot of VC work is regulatory arbitrage: how to steal the flowers from the public park without going to prison. That's why they are so proud of all these local sectoral monopolies they established while the lawmakers were asleep at the wheel, or bought, so the normal limits on profit in a market economy, through competition, are suspended.
Bulk of VC compensation is management fees, wisely based on the "head I win tail you lose" model and losses are often outsourced to ordinary folks via institutions like the Ontario Teachers' Pension Fund.
Money is just the scoring system of the economic game. If the rich play zero sum games with the points with each other it's harmless, and much better than malinvestment in Yachts or Web3 platforms where actual steel and engineering capacity is taken away from better use cases.