What's the "absolute view"? This is identifying a trend. Since it's a trend that has implications for social inequality, it's worth paying attention to and deciding whether any changes should be made to address it.
The "trend" pattern is cyclical.
[1] https://www.statista.com/statistics/270290/number-of-ipos-in...
Wall Street is not keen to underwrite companies with valuations 20x+ revenue.