Spot on. That 'Christmas Tree' effect is the #1 pattern I see—founders try to jam every feature into the deck because they worked hard on them.
You're absolutely right about the depth—the narrative constraint acts as a forcing function. When you have to explain your value in just 10 slides, you realize 80% of those features don't actually drive the core mission. It definitely ends up being a PMF exercise as much as a pitch exercise.
Appreciate the feedback!