That sounds like blaming the Fed, when the actual problem was that the bank's prediction of the future turned out to be incorrect. They placed a bet and it didn't pay out, that's all.
SVB should have purchased more swaps or swaptions, but this is me Monday morning quarterbacking. If depositors had left their money like It's a Wonderful Life things would have been fine.
Meh. Fractional reserve banking is not without risks, but I don't see any mention from you of the fact that SVB was holding bad assets.