It's less that people are putting faith in Elon (sure, some fanatics might be), but it's that everyone else is somehow even worse.

SpaceX is actually getting stuff to space, despite their prototypes blowing up. Hell, even if this Starship thing is a complete failure and never works, their existing rocket, the Falcon, is still far beyond any of the competition.

The SLS: $10 Billion and a decade late to develop a ship that recycles old Space shuttle parts, then costs $2-3 Billion per launch, and maybe can only launch one every 2 years.

ULA Vulcan: currently years late, still finding problems, and even after all that gets worked out, it can maybe do 6 launches a year?

SpaceX: 1-2 launches per week.

That's not faith, that's just facts. I would absolutely love to have somebody else step up and take SpaceX's crown, but... there really isn't anybody. Bezos's Blue Origin may have the biggest chance, but they are more likely to act like ULA than SpaceX.

Falcon 9 has launched over 500 mission with a very high success rate. Of course the bulk of advancement should be coming from NASA and we need to spend more there, but SpaceX is putting up big numbers in successful payload lifts.