For me its the commodities.

I grant that SpaceX engineers are smart people and can figure out how to make Starship and Superheavy reliable and reusable.

But if they have to launch 10-14 times in order to get the propellant to the LEO depot in order to fuel the Lunar Starship, can we actually deliver that many launches worth of LOX and LNG to the launch pads in the timeframe needed to prevent it all from boiling off once in orbit before Lunar Starship can get there, get refueled and head to the moon? I don't know the answer to that, and to me that seems like the hard problem.

All of SapaceX rockets waste close to half their payload capacity on extra fuel for landing, extra equipment for landing, and they still have a 100% failure rate on every super-heavy launch they've ever attempted. SpaceX has blown up more rockets in the last year than NASA has in its entire history. NASA's super heavy rockets have been working successfully since 1967. NASA did build the first single-stage-to-orbit rockets that also successfully landed, but it immediately realized that was a huge waste of resources. Instead, they put parachutes on rockets and then refurbished them instead. So NASA gets double the payload capacity for free. The boosters currently strapped to the SLS that's about to go to the Moon are the same ones that previously took space shuttles to orbit in the 90s. NASA has been to the Moon and Mars; SpaceX has never made it to either, and just last week Elon said they've officially given up on going to Mars, and they're hoping to make it to Moon in another decade instead. NASA is going next month. SpaceX is just vaporware being run by a drug addict whose only goal is to sell it to the public markets before the house of cards comes down.