That was ine inception age when very few people were online, its not the stage of mass adoption. The mass adoption starts with the dot.com era with mass infrastructure build up.
But sure, if you think that we should start counting from these years you can do that and add a "public funded" era at the beginning.
The existing online mass is what attracted the VC in the first place, same as it ever was. It was mostly privately funded and very much a confederacy (AOL vs Prodigy vs BBS) at the time, much like now.
I don't think Altavista came before the bubble burst... They directly competed with Google and Yahoo.
I came to the web after dotcom and most of the content (accessibke trough search) was blogs and forums. It wasn’t until SEO that fake content started to grow like weeds.