Great insights into their process but I'm wondering why you would be interested in seed funding if you already have a live product with traction and revenue.
It sounds more like traditional investing rather than venture capital.
I think you misunderstand the state of VC nowadays. They are not about funding "innovation", they are about scaling already proven concepts. For example, look at all the dollars that have gotten funneled into ecommerce sites. That is not exactly groundbreaking.
I also think you underestimate what it takes to get a startup from a small niche business to one that can dominate a market. If you want a small business, then an accelerator (or seed funding) is not appropriate. If you want a high growth business however that could become a category killer, then an accelerator can help. Plus, there are plenty of site and apps that can show a little traction and a little revenue. But to turn that into a sustainable business is an entirely other matter.
That being said, there are some VC's and accelerators that are taking risks. It is just that the expectations have been raised across the board given how easy it is to get started and to launch an app or a website.
For certain verticals (manufacturing and enterprise sales in particular), its non-trivial to expand faster than your revenue growth: manufacturing runs can require a lot of up-front capital, and B2B sales can often rely on scaling up a sales team or similarly high up-front costs.
It sounds more like traditional investing rather than venture capital.