Not really. Some people infer value without any investment -- only based on P&L and year-over-year growth. (Stripe is consistently making money, after all)

That’s not what the listed valuation is based on.

Also I see little true (high-tech) innovation with the "SV Elite".

It seems that people are more interested in cornering markets than in creating exciting new things. The valuation doesn't surprise me because that's how you corner markets, by first building a huge pile of money.