Lots of super smart VC people in the valley just exited a little bit sooner. That's quite literally the only difference. This whole investment ecosystem was built around this, gotta exit ASAP
It's like walking into a house party while everyone is running out the back yelling "cops are coming!" and thinking, "this is gonna be a great party once all these screaming people leave!"
If you get in at or before Series A you are going to make money nearly every time. If you get in after that you are going to lose money nearly every time. This has nothing to do with the industry or the business model or smart people making savvy choices.