I am more leaning towards them simply having infinitely more money than sense. So they keep throwing it at anything that looks like it could be something. Well same goes for Google...

If this were remotely true, there wouldn't have huge layoff rounds. The opposite is true: they hire thousands upon thousands of people and teach them how to build scalable software, and then set them loose. I'm frankly surprised by the lack of competition, but I suppose that's gated at multiple levels (visas, personal risk, funding, network effects, etc)

That was more an issue when rates were low and borrowing capital was “free”.