It's a distraction only if you are not an effective altruist. To build AGI (so that all humans can benefit) you need money, so this was a way to make money so they could FINALLY be spent on the goal of AGI. /s
I think the next AGI startup should perhaps try the communist revolution route, since the capitalist-based one didn't pan out. After all, Lenin was a pioneer in effective altruism. /s