I worked at company IPOs during the boom
The people who ran the company, VP + C level were completely clueless (up until now). To some it was their first tech job.The churn was incredible, full teams churned in a matter of couple of months.The VP levels were making decisions that were absurd by any standard to anyone at the industry.
They hired sub-par talent, because C people hire D people as they cant recognise shitty talent.