96% on this program so far is possible, but there are numerous other examples of the USG investing in businesses which fail, and even worse records for state/local governments (stadiums and convention centers being the classic example)

There are numerous intangible benefits to these programs beyond the success rate of the businesses. Jobs get created, technology is invented or improved, and supply chains and support networks are created or are made more efficient. While VC's might only care about the balance sheet, the government isn't in this to make money, they are in this to make our lives better.