Surely your ability to detect baloney in just a few minutes of casual conversation is far, FAR superior to that of, say, the stereotypical MBA or lawyer with zero technical expertise. There's more value in that than you suggest, I think.
It's definitely useful. I wasn't trying to say there was no value in a tech background in VC. Rather, I expected to use my tech skills to dive into code and understand technology a lot more, and instead I just use them as a baloney detector and a good differentiator from VCs who have non-technical backgrounds.