VC-istan has become a good-ol'-boy network like any other. You need connections. You need the VCs to see you as a real person so that, instead of getting an indefinite put-off or a horrible term sheet, you either get (a) funding, quickly, on decent terms, or (b) a sit-down explanation of why your idea was rejected and either (i) introductions to investors who might be interested, or (ii) an EIR gig to pay the bills until you happen upon an idea that has wings. If you're not on those kinds of terms with VCs, and I doubt more a very small percentage of people are, then you shouldn't be wasting your time in VC-istan.
If you're a real founder, not getting funding means that a VC will pop you in to a high-level position at a portfolio company that one would never get on the open job market, and that will make up for the 6 months you spent without income. Actually, you're going to have more than one of these offers.
If you're not a real founder, not getting funding means that, congratulations, you spent months hustling with no income and no results.
The reason why lightweight companies are getting all the funding is that building up and maintaining those VC contacts is expensive and time-consuming. It's easily as large a time commitment as a full-time job, if not worse, and it takes months before you see any payoff.
VCs aren't preternaturally biased in favor of lightweight companies, but the people who are doing heavyweight stuff don't have the time to become "real founders" (i.e. "made men" in the VCs' eyes, who are entitled to sit-down explanations and EIR gigs upon rejection). So they have to pursue other routes to funding.