A total failure (not an acq-hire) is bad for your reputation. The acq-hire gets you a Director or VP-level position at the acquirer even though it leaves your employees screwed. Actual run-out-of-money business failure makes it hard to get funded again. VC is a regressive reputation economy in which no one likes you if they perceive others as not liking you, so actually having to close a business down makes you unfundable.