I don't understand what your point is.
My point is that most start up businesses fail. You can look at failure in many ways; missing adequate ROI, product failures, missing product delivery time forecasts, or even dissolution of the company. Rates run the range of 40% - 95% in the FIRST year, depending upon your definition of success.
Even Kickstarter admits that their projects are late 87% of the time (I got this fact off the their website last year).
How do you know a product will even do what the start up person says it will do? What recourse do you have if it doesn't work as advertised? How do you know the person has a successful track record in product development.
With crowdfunding you are not investing in a company, you are taking a risk the product will work. The buyers are taking the risk, usually not the product developer. Also look at the low level contributions... these really fall into the realm of donations or charity.
If I want to donate money to someone, I will give my money to organizations that help children or to cure disease; not someone who has a dream, cannot fund it or is unwilling to risk their own money, or cannot find funding through conventional methods.
Do I want to give my money to someone who MIGHT be able to make some new gizmo that we really don't need, or a child who has suffered some tragedy beyond the control of the parents or family?
If I want to invest money, I will invest in a company that has a good chance of being successful and returning a significant profit to me in return for my risk -- and I know how to analyze those opportunities. Crowdfunding does not present these kinds of opportunities. If I am interested in a new product I will wait until it comes to market and is shown to be successful.