It wasn't just the remote, but the typical baggage people adopt with remote. For example, it made the mistake of adopting "work when you want" kind of attitude because that was always the norm with 100% companies, which is terrible for a VC funded startup. It set the tone of "what did you cook for lunch?", "oh wow, look at your view of the ocean in portugal" instead of kicking ass.
Obviously not the only problem, but remote was definitely an extra layer of hurdles. A lot of problems would have been easier to address in a physical office.
EDIT: the sibling post that says its a "path to mediocrity" is pretty spot on. But maybe you're fine with your company being a lifestyle company, a "good enough" company. That's fine for some people.