Because bay area technical angel investing isn't just about writing cheques. It's about managing and guiding those startups, helping them find the resources they need. It's about leveraging your connections throughout the industry to help them grow sales, build manufacturing, hire talent, or any of a hundred other things. This is why startups go back to these handful of investors over and over again. Founders aren't stupid. They know these investors wield serious power in the tech world, and they want that power to be on their side.
If you think the only requirement to being an angel investor is having a big bank account, you haven't been paying attention.
Are you suggesting that 10 angel investors have control over all the money? Is one of them Lex Luthor?