I don't think it ensures the funding of well-connected founders. It just makes it easier for them. And how do you get to be well-connected, anyway? In a strong meritocracy, previous success is the best. You can become "well connected" by a previous successful (or even unsuccessful) startup, or to be an early employee at multiple successful startups, or to build a reputation on a popular open source project or book or website or etc.

Someone who is well-connected due to their previous successes and demonstrated hard work and talent is a much safer bet. And I'd argue you don't get well-connected just by showing up. That'll buy you a friend or two, but not a network.