"Yo" is an actual company. We are in a tech bubble.
The burden of risk is just not directly put on them.
That's a different question. The claim that a VC investment collapse would hurt ordinary people through their pension funds is false. There may be other important effects for specific sectors or groups of people.
Worst part is that it was claimed as some genius idea by some top VCs like Marc Andreessen (who ended up blocking me on twitter when I told him it was stupid)