It's only natural that journalists and media outlets will look to expose the flaws in what's popular. A similar story about stock traders would not raise eyebrows. Actually I think it's a good thing.
It happens to the 25% of employees in leadership positions that are women and the 75% that are men. How equitable!
The worst past is many of these buffoons managed to make their bones during the first go around (or the 1.5 go around leading up to GFC). Success is nasty in that it blinds you to your faults - and what actually made you successful.
So now many of these buffoons have won, don't know why or how they won and have started investing in people like them. And we wind up where we are now.
vc largely trades in the story. because for the longest time they could cash out on the promise of a thing rather than concrete earnings or anything remotely objective.
the silicon valley vc culture has been such a dependable shower of money, with a few minor blips, that its quite believable that some random people, with no particular idea in mind would wander by hoping to get wet.
so if a vc, in fact many vcs, invest very heavily in a story ,largely based on each others faith, and that turns out to be a company run by narcissistic idiots with no real long term economic value, we shouldn't be surprised.
Unless that fresh faced person is Mark Zuckerberg, or Larry Page or Bill Gates or any of the fresh faced persons who were actually the real deal.
Zuck's record isn't spotless either. Fortunately he got good "adult supervision" early (which this article hit on).
The bro culture is not unique to tech. Companies and funds willing to put billions into tech startups with such culture is unique though. For most other kinds of startups they would want seats on the board and accounting of every dime. Investors let tech startups get away with too much stuff.