> if we need popular sentiment to get companies excluded for being obvious grifts.

I don't understand this argument.

SpaceX is not being "excluded" for any exceptional reason.

S&P has stated, essentially, that SpaceX will be subject to the same INclusion rules as other companies. When (if!) SpaceX has a series of profitable quarters and reaches 50% free-float market cap, it will be included in the S&P 500 index like other companies are. https://news.ycombinator.com/item?id=48414252