VCs don't invest in business models. They invest in the possibility of getting a big payout. We cannot assume that a given business model is immutable. You can only evaluate it's current state, which might be only loosely correlated with financial success. I'd prefer a startup with traction and a team that might figure something out. I'm pretty sure you'd get more mileage learning how to spot sketchy people, rather than looking if the current model aligns with current-often-vague-and-inconclusive social sciences research.