The issue at hand is that AGI has a very high failure rate,

So do efforts against poverty, human rights abuses, diseases, etc.
That doesn't stop the philanthropists.

If you were Bill Gates, would you want to give your competitors enough
funding to develop AGI and then be worth ten Microsofts?

Funding can come in the form of philanthropy or for-profit investment.
If Bill Gates (or anyone else) wants to get richer, and if he believes
that AGI is worth ten Microsofts, then the logical step is to invest
in AGI, not to ignore or fight it.

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