I concur with you. VCs have a hard time measuring technical knowledge because they lack such knowledge themselves, and first appearances are more the result of the generic lottery than skills. That doesn't mean every rich person is beautiful, but it would be dishonest to pretend that it doesn't play a big role when social interactions are involved, such as raising capital.
this comment is a bit OT.
i wish i could see more founders who are ugly and short (either male or female), in the good books of VCs and SV, gives more faith in the ecosystem.