FeNC and CoNC electrocatalysts have been studied for many years by numerous research groups. Various synthesis routes, involving different precursors, different temperatures, etc., have been employed, but “successful” catalysts share the common features of Fe or Co, N, and C and a heat‐treatment step to around 800 °C. It is our contention that the thermodynamics, not the details of the precursors or synthesis steps, determines the local atomic arrangement of Fe, N, and C or Co, N, and C in these catalysts after heating and, as such, the catalysts prepared by all researchers in this field are basically the same. In this article, compelling evidence for this contention is presented. These catalysts, presumably all, share the same advantages, which include reasonable activity, and disadvantages, which include short lifetime. Therefore, the study of FeNC and CoNC catalysts is overpopulated by researchers, and most should probably shift their focus to the search for new nonnoble metal catalysts involving other elements in the periodic table.