Most likely case -

- The pool of companies seeking VC funding has exploded as the playbook became democratized

- The pool of VC funds has exploded as the playbook became democratized

- There is still a thin layer of interesting companies that are deserving of VC investment as there was in 2021, 2016, 2011, back and back, but this is the actual constraint and hasn't grown to keep pace

This all strikes me as simple and cyclical.