I don't think AirBnB was ever even slightly nuts. VRBO had been around forever and couch surfing already existed.
AirBnb was almost dead when they got into YC. Nobody would fund them, and Nate had moved to Boston to get a real job.
http://www.paulgraham.com/airbnb.html
And that's just one public example. (Chris Sacca also turned them down.)
Empirically it would be shocking if they were the only 2 investors who had the opportunity to invest but didn't.
Airbnb is actually still nuts. They probably aren't even to the half-way point in terms of where they need to be to be actually mainstream.