This is not necessarily a bad thing for the new startups, in my opinion. I want to quote PG from his essay: The top idea in your mind (my favorite one btw)

{...} I'd noticed startups got way less done when they started raising money, but it was not till we ourselves raised money that I understood why. The problem is not the actual time it takes to meet with investors. The problem is that once you start raising money, raising money becomes the top idea in your mind. That becomes what you think about when you take a shower in the morning. And that means other questions aren't. {...}

This is actually how it works, and more or less always worked here in Europe. No investments, no money raising, only part of your daily job salary invested in your startup ideas, and endless nights learning, coding, failing in a loop....till you succeed and you start to make money.