One is that we're finally making good on the promise of the Internet. The hype was that it made location irrelevant. And it did for a lot of things. But somehow VC-backed web and companies were immune to that, even though money and software are both digital.
Two is that this is great news for founders everywhere. Before they often had to choose between family and success. Now they can have both. (That didn't matter to me much when I was 25, but now it's easier to see costs of that.)
Three, I think this is great for customers and users. A frequent and frequently valid critique of Silicon Valley startups is that many only make sense in our hothouse atmosphere. E.g., Juicero. There are real-world needs out there that we're missing because we don't see and spend time with the people who have those needs.
Four, I believe that this is good news for both our cities and our startup community. The flood of money has driven up prices just like it did during the gold rush era. That's certainly a problem for people outside of tech. But I think it's also bad for entrepreneurs: it keeps getting more expensive to build a team and a company here. Turning down the heat a little will make it easier for us all to succeed without having to take gobs of money.