The problem comes when MBAs, generally without technical background, build companies without real value and expand an already existing bubble.
Best email I got from a start-up that wanted to hire me went something like this: "We are a team of 5 MBAs with an idea and need you to be our employee #1 to build it!"
I mean 5 founders seems rather excessive to me but all of them MBAs and the only technical person will be an employee and not a co founder.
Others, usually also dubbed "tech startups" due to their Silicon Valley location, use generic pieces of technology to achieve their purpose. There are entire sectors (ad tech, Uber for X), where basic building blocks have been built and now it's sell, sell, sell.
One of the people not mentioned on the list is founder of Warby Parker - surely he contributed to the bubble by building the 2nd most profitable retail stores and one of the few startups that are actually profitable.
So what I didn't even graduate college? I'm proud to have built a company whose employees are happy and treated with dignity. Diligence, respect and passion drove people like me to success, not a HBS MBA.
From experience, that's not what usually happens with MBAs. Because of an 'alumni list' or a privileged network, many feel entitled to success and will do anything to reach their goals(often unethically).
Hence, they are not actual engineers actively building a product.
Please do build a company, but not a money-making scheme treating developers like dispensable tools.
One would think we'd come up with better ways by now to lessen the allocation of resources for things in the present that are of marginal utility for most people, but somehow, humans have a knack of creating/engaging red queens races relative to other things that are theoretically possible and feasible.