The number of people with business ideas greatly exceeds the number of angels with money to invest, so the notion of angels pitching to entrepreneurs as an event signals that angels have too much money.

This is not to say that angels don't pitch to entrepreneurs; they do, but they do it after the entrepreneurs pitch to them (and a pitch can be a purely reputational discussion/email (e.g. "if you want money, ask for advice") rather than a session in the elevator, so let's not be constrained by silly definitions).

To see that process run in reverse is insane and signals a serious problem in the market.

Note: I'm an entrepreneur and am in this game with some success, so I'm not speaking out of jealousy...