My original take on the "bubble" was somewhat in line with this. However, the more I think about it, the more I am inclined to believe that this will "trickle down" in many ways. Fewer investments will lead to fewer jobs. In SV, this could lead to a cooling down (or worse) of the labor market. The established players (Google, Apple, Amazon, etc) will probably pull through alright, but the VC money will thin out. If I was a software engineer and I wanted to hedge my bets, I would probably try get a job at one of the bigger, more stable companies in the next year. If things do cool down, I imagine that programmer jobs and salaries will be the most noticeable side effect.
Of course I could be entirely wrong. It's possible that VC money makes up only a small fraction of the demand for software engineers. After all, almost every industry under the sun is shifting towards (or wants to shift towards) higher levels of automation and efficiency using computers and software.