The point is the companies that seem to be getting the most hype (young, 'disruptive' companies) don't seem to be doing well as IPO companies. This is an issue for the public investors (who are often pension funds, average investors, etc) and employees.
This seems to be a clear indictment of tech media, who are more interested in hyping up stories than really digging into a company's fundamentals. The only losers are common people in this scenario.
I don't know why TechCrunch is indicted because it writes catchy profiles about cool-sounding companies instead of digging into the economic fundamentals. That's just two different things you can write about. AFAIK (not very far) it never pretended to be doing the other one.
Add this to the fact they announced layoffs a little while ago + are now experiencing significant competition from bigger players, one has to have a not-so-great forecast for the company