People misunderstand the Peter Principle.

Why do you think our startup heroes were failed from below, rather than simply "having been promoted to the level of their incompetence"?

Dilbert, et al, rewrote the principle as, you promote the incompetent so they don't interfere with the real work. Or maybe that brown-nosers get promoted until they get fired. Or that the more incompetent you are the more you get promoted. But it's always been about how smart people who do good work end up in over their heads.

The reward for a job well done is another job, a harder or different job. Eventually you run up against a harder, bigger, different job you just can't hack. It doesn't matter if you're being promoted by your manager, yourself, or the invisible hand of the market.