For most of its life, KPCB had a web around the firm. Great companies would come in and pitch themselves. So, for the most part, the job was to "only" pick whom to invest in (picking is just as hard!). As an extreme outsider, it seems that their operating rubric is so focused on this that they've lost the institutional capacity to spin new webs of their own. They are reliant on outsized personalities delivering the win rather than the institution itself pulling it in.
That's a tricky spot for the firm to be in. And it's a tricker spot to navigate out of. They'll have to rebuild institutional knowledge and prospect like other firms now; a mindset shift that could be hard for most veterans to get into as early on this would have been a negative signal in their careers and for their firm. Now, that it's a requirement; it has to be a tough sell to everyone involved (note: I don't know anyone at the firm. I have simply seen this pattern play out a few times).
They can hire fantastic new investors who know how to hunt, but will the firm be able to listen to them? This is a firm where getting rid of nametags was noteworthy enough to make it into Fortune; imagine how hard a sell getting down into the mud must be.
FWIW, such firms eventually recover. Eventually. They're just too big not to. But it is a painful road until that point. I wish the best of luck to them.