"high" doing heavy lifting there, I think.
SpaceX has a lot of demand for rocketry… from itself, in the form of Starlink. Starlink has segments where it's a near monopoly but those segments are low-demand, and segments where it's high demand but those segments aren't a monopoly.
Outside Starlink, there's not a particularly vast mass of stuff people want to launch right now.
Don't get me wrong, I'm skeptical about SpaceX's business model (I really must make more time to work on that blog post about orbital compute…), but no, that's just plain wrong.
And I agree with you there's a real risk about going past LEO: between the booster still not landing reliably, and the team being still so lacking in confidence that after all this time the orbits still have not been circularised, there's a decent risk LEO is all it is good for.
But even in expendable mode, where it's not going to be any good at all for the Moon or Mars, this is still a cheap LEO solution.
And so far, Starship has actually been to space and back. It's taken so many test flights and cost so much during development (so far) that I think it compares mediocrely to the Soviet N1, and the US Saturn V and Space Shuttle, but that's a huge improvement over Theranos.
Now, it may fail for unrelated reasons (spoiler from blog draft: data centres should not be in space), but the going-to-space part of SpaceX seems reasonably sound.
Having dealt with incompetent phlebotomists on a couple occasions, I can see where investors would get enthusiasm for a blood machine that makes everything is simple as a finger-stick test. But it's very analogous to extrapolating from falcon 9.
Maybe it won't work out; they've certainly had a lot of problems. But why compare it to something that didn't exist at all?
In other words it was a wild ass idea from an entrepreneur who lacked knowledge of how blood tests actually work. That's not too dissimilar.