You aren't necessarily wrong, but the data also isn't there - one engineering hire bouncing per year is not really significant.

I do think that startups are pretty rough when it comes hiring. We don't pay BigTech salaries, we expect engineers to wear a lot of hats, and we don't offer the kind of management chain isolation a big company does. It takes a particular kind of engineer to enjoy/thrive in that environment, and a lot of engineers transitioning from big companies don't realise the extent of that until they've struggled with their first startup role.