The market should correct that though. Those companies will (should) quickly run out of money to invest. While those who pick the ones with the right 10 year plan will (should) have the returns to continue investing.
Meanwhile, the realistic company that was passed over runs out of money and folds.
So the sensible 10 years for 1X that will make you profit but not overwhelming profit don't get funded, so the 10 years for 1X have no choice but to lie and get the funding they need, and investors get stringed along with all their sunk costs because most of the time that 1X payout is still a lot more than their sunk costs.
That's a hypothesis not well supported by data or theory.