Why take all the risk of designing, building, and marketing a product if all it gets you is a mediocre dead-end job in a big company? Entrepreneurship used to be where the brightest could make fortunes, now that ship as all but sailed. It might not bother you, but it should. All that talent is now going to seek opportunity elsewhere, rather than building useful products and services. Is this a good outcome for society?
Here's the thing: you can always take the risk of building a product in the frontier. But the web is no longer the frontier. You can estimate the size of your market in two weeks, spending a few thousand dollars. You don't have to build a product from scratch; in fact, you could build a whole webapp running on S3 and connecting to pluggable services.
Is this a waste of our best and brightest? Frankly, I don't know. But how many brilliant, young entrepreneurs got burned out after a catastrophic failure in the old model and never recovered?
