Back in 2014, some people did this - they put $100 into every alt that existed.

But they never came back to say whether this was a profitable strategy - I'm guessing that the long bear market of 2014 - 2016 destroyed all their profits.

It's not a bad strategy - it's similar to what venture capitalists do - scatter the money and hope that one investment makes it big enough to compensate for the rest. But you need nerves of steel and patience enough to wait out the bear markets.