I don't think it is, it seems more like very easy access to capital was (mis)used in some specific cases to build very capital intensive businesses that only really scale linearly with additional capital invested (where they're supposed to scale exponentially obviously).

It's more like an inefficiency within the VC system that has been exploited and lots of money wasted, and hopefully lessons are learned. I don't think it says anything much at all about the fundamentals of the broader industry.