That's simply not true. The process is highly selective. Though maybe they only select from 20 year old inexperienced people on purpose (I'm in early 30s)? Otherwise, I can't reconcile observable reality with what you're describing. I've applied to 100s of incubators and seed investors over 10 years and got 2 interviews (one was from A16z though... What are the odds?) and my CV as a tech person is excellent (with a proven track record in a startup and in open source) and I've been hustling pretty hard to get interviews (e.g. attending company events where I knew the VCs would be going and talking to them). I never got any seed funding from any VC.

Then I bootstrapped my project myself and it was enough of a success to allow me to not work... It could have been a far bigger success with funding.