When Tony Stark was created in the 60s, Stan Lee based him on Howard Hughes. Hughes was the OG eccentric millionaire and while he had more personal courage than Musk (including recklessly endangering his life by flying his own prototype planes, one of which led to a crash that nearly killed him and almost certainly did a number on his mind), he was largely a cartoon and a fraud, who failed upwards, inventing impractical white elephants like the Spruce Goose and sinking thriving movie studios into the ground.
In other words, Stark was always based on PR based media savvy billionaire hypemen rather than actual geniuses. Yesterday Howard Hughes, today Elon Musk. He has nothing to do with the real geniuses of America such as Robert Goddard, John Bardeen and William Shockley of Bell Labs, Jonas Salk among many others. Other game changing inventions weren't developed by private enterprise but in fact by government sponsored think tanks like DARPA, which created the Internet. Closer to Peter Parker's field (rather accurately described in that Christmas Song for ITSV as "chemical engineering)...synthetic fibers like spandex and kevlar were developed by scientists Joseph Shivers and Stephanie Kwolek, when they were employed by DuPont Chemicals. They get credit for inventing the fiber and formula, but DuPont owns the patents.
You want a good real life model for the kind of businessman-inventor Peter Parker could be...take Preston Tucker (on whom Francis Ford Coppola and George Lucas made an entertaining and pretty underrated biopic). Tucker was an eccentric inventor and car manufacturer who during World War II created the Tucker Turret that was mounted on PT Boats and others. He also created the Tucker car which was the first automobile to feature seat-belts and other safety features. His radical plans and ambitions led him to overreach but his promotion of safety and pro-consumer views led Big Auto to clamp down on him, and ultimately only a small number of Tucker cars were ever produced and he died in disgrace. But some 20 years later after a lot of problems and criticisms of automobile manufacturers for their lack of safety, Big Auto ultimately utilized all the safety features that Tucker introduced. That could be what awaits Peter. He could be the genius who wanted to do good and help people but whose ideas were unappreciated until he died.
Reed Richards was largely based on Richard Feynman, i.e. the American theoretical physicist who was also a playboy and party animal who had a reputation for being a macho dude who contrasted heavily against the nerd image people had about scientists. He was a celebrity scientist of his time (a bit like Neil DeGrasse Tyson since he also took an interest in accessible presentation of theoretical physicists). So that explained how Lee and Kirby could get by with making Reed the dominant partner in a relationship with a hot blonde wife. It was still sexist of course but it was an archetype based on a real figure. You see adaptations miss the issue where the Ultimate Comics and the movies make Reed nerdier and weirder than how Lee and Kirby concieved him.
But you are right that Reed Richards is meant to be the actual scientist. He's the lead theoretical physicist of the Marvel Universe.