I’m also pretty skeptical this is the bay area’s death knell. Web3 is a pretty bad example if you’re looking at funding, because if you interpret web3 as just “crypto” or decentralized, that suffers a legitimacy problem which makes all VC averse to it, not just the Bay Area VC (though of course a lot of crypto stuff does get funded still). And obviously it’s not only people in the Bay Area who work less than their stated 40 hrs or go to tech conferences…
In the near-term, say 5-10 years from now, I think the Bay Area will represent maybe 50% of the “hot” tech industry (not counting giants based in the Bay Area which have already spread all over the world) whereas it was maybe 80% before. Obviously right now is an aberration because with remote work you don’t benefit much from the network effects.