You know, while I find the whole "Cult of Musk" thing annoying, I find the constant naysaying and pessimism from their opposite number to be equally if not more annoying.
I look at the track record of Space X, and I don't see anything that would let me believe millions of people to Mars in the mid-future. That's realism in my book, not pessimism.
Let's be brutally honest here, NASA hasn't done to advance the cause of human spaceflight since the late 80s, and SLS / Orion is arguably a massive step backwards. SpaceX has a accomplished more in the last 10 years than MSFC has in 30, and has done so for a fraction of the cost. For that I think they've earned some benefit of the doubt.
True - NASA hasn't done that because, unlike you, the majority of the US population isn't interested in spending money to advance human spaceflight. So NASA followed the mandate.
Which is also why investors won't be interested in manned interplanetary spaceflight. Facebook didn't grow so large because
Mark Zuckerberg was interested, it grew because
people were interested in the service.
If there'd be a huge enthusiasm in society outside this forum, I could perhaps see something happening. Musk moves 18 billion - that's a lot - but Apollo cost 170 billion US$ (in current money) and the US has a GDP of 18 trillion. It pales in comparison.
If we spin fantasy tales about investors bringing in the rest, let me spin China being interested in grabbing Mars before someone from the US does - and there the money goes where the government says it should. Frankly, I think this scenario is more realistic.
So yes, they're doing it better than NASA - because NASA doesn't really want to in the first place because the US population doesn't want to. But being better than someone who isn't interested is no big achievement - and doesn't equal being able to cut launch costs by several orders of magnitude. They might have an innovative rocket (with a disturbing tendency to blow up...) - that makes them a promising business. Not a miracle that would be needed.
Take your wish that this happens out of the equation, look at support in the rest of the world, look at the vast disparity between the miracle required and the technological advances delivered - and you get your answer.