I think this won't be an acute bubble for incumbents but for early stage startups that need funds badly to keep the short runway clear.
Now did they over-raise because they were afraid of a bubble or did they know there was one? A pointless debate, probably.
Do you have any evidence of this? On the surface, it doesn't even make sense. There are two sides to every transaction; are you claiming that the entrepreneurs could see the slide coming, and anticipated it, but the financiers didn't?
Over-raising seems like more proactive version of that (2008 still being relatively recent in investors' memory), and VCs likely suggested this to portfolio companies.
Founders either need to get out early, understand that their position will eventually be just an employee, or not take in more funding than the company is worth.
It does, however, work out in the tiny chance that the company sells for way more than it’s valued worth.