If the VCs are that lazy, and assuming they still seek for the most profit, wouldn't VCs move to the bay area to find the unicorns? Wouldn't it create a virtuous (or vicious depending on the perspective) cycle of formibg a cluster of the companies and VCs in the area?

Eventually too much of such cycle would give way to the increased cost of living. But I see a tendency of more moderation in employee compensation by big companies, which would favor small startups again around the area.