Also seed rounds were oversubscribed with no diligence, product, and money raised on little more than names and vague ideas. Series A was possible pre-revenue. Series B on 100 to 250x revenue. The whole thing was unsustainable.
Finally a huge number of tech employees were “barnacles” or those somehow making 6 figure salaries while providing little or negative value. Now that the music has stopped those people are being cut. I’m talking about agile / scrum people, DEI, ethicists, bloated HR, and all manner of not-revenue generating employees. Push has come to shove and they are jettisoned first.