Ask HN: Are accelerators worth it anymore?

I’ve seen accelerators grow from an energetic space filled with smart people solving hard problems (~8 years ago) to massive scale transactional factories that churn out anyone that can sell anything, and in some cases, even if it’s vapourware.

The controversy with YC investing in that ridiculous MMORPG game has partly led me thinking this, but also I think I’m seeing this trend of accelerators creating lower mean value per startup in a cohort across the board.

Any thoughts on this?