For example, for many VC-funded and fast-growing startups, the product is not the website, software, whatever that they're showing users. It's the knowledge that users have a particular need, and that need can be satisfied in a certain way. Startups are effectively outsourced R&D for big companies here.
It's quite possible that the most economically efficient way to satisfy that need is to simply fold the startup into some big company's other products. If that happens, the code, most of the employees, cash, and even existing userbase are essentially disposable. They can all be replaced at a larger scale once the company's been acquired. The actual assets that the acquirer is paying millions for is the detailed knowledge of the problem domain - key employees, key algorithms, history of other ideas that tried and failed, and any patents or other intellectual property. That's why acquisitions usually are contingent upon certain employees coming on-board, yet the acquirer is often all too happy to fire other employees.