I can definitely see that happening. I wonder if that would reduce the amount of unprofitable/unsustainable but heavily VC-invested companies. The big players we all think of (Uber, WeWork, etc) aren't looking to get acquired anymore, but would investors have been more cautious to invest in these companies if they knew the only exit plan was IPO'ing?
I remember how in undergrad, my Circuit Theory professor who studied at Boulder and also worked at Ball Brothers would corroborate the myths of Bob Widlar. They were contemporaries, and my professor really emphasized his insane output and work ethic. He recounted how Widlar would routinely disappear in bar crawls for 3-4 days, and then return to ace his exams. While many of Widlar's actions might not have been exemplary, his contributions to modern IC's is still pretty underrated.