Interesting points. Anyone know any counter-examples? Startups delivering real value which were wiped out regardless?
If a true bubble burst were to happen, it'd kill startups by percents, not by merit. Some investors will keep money for their portfolio companies, others will sit until the market hits bottom and they can get better deals. It'll kill everything and everyone, not just the bad companies.
Companies that are still in the growth phase, and not profitable yet would find themselves in real trouble.
You could argue those startups aren't (yet) delivering real value, and I'm sure in large majority of cases that'd be true. But not in all cases.