Even many startuppers, who often work insane hours on the assumption that their options will turn to gold when their company is acquired or goes public, seem to reserve special pity for lifestyle entrepreneurs who haven’t won Sand Hill Road money and aren’t perpetually “killing it” or “crushing it” in the way Silicon Valley culture demands.
Pity for people who make a good living doing what they love? I don't know who the author thinks he is speaking for, but I highly doubt it's "many" people in the startup community. Replace pity with admiration and then you have an accurate statement.