Every VC admits there’s too much seed investing. Still, it surged in Q1

Interesting... what in the market makes it so that VCs can agree this is a problem but keep perpetuating it?

Efficient or inefficient, there must be some market force at play here.

Is it that that's where the largest amount of fund-seeking companies are at - seed stage - and so money is being put into that stage because the deals are there and then it's already committed so more companies seek it and around and around?