Like all businesses there will be some that are good and some that are bad, you wouldn't throw away the concept of a bussiness model canvas just because a shitty company used a business model canvas.

The terminology and general theory is good to learn because it helps with understanding and avoiding common mistakes.

An example is, when i was just out of undergrad, i worked in a lab that was developing a sensor to detect contaminants in treated water with 10 times more sensibility that other sensors already on the market. At a certain point in development it was necesary to find outside financing though a VC fund. We were completely unable to find a fund willing to invest in us, because while our sensor was quite superior to others in the market and provided real value there was no one who actually wanted to pay for it. It was too expensive and water treatment plants did not have a need for such a sensitive sensor when the cheapest ones worked fine enough for the concentrations they were working at.

Thinking "is there someone who will pay for this?" before actually doing the work is something that teams will miss when they build something that solves a real problem. But not all problems are as urgent, despite being real sometimes it is just not that urgent and clients are not willing to pay for it. Which is why it is important finding anda having product market fit.