Are you suggesting that the macroeconomic environment in terms of funding and performance expectations of startups hasn't changed signficantly in the last few years?

VC-money and ZIRP is a convenient shorthand for what's changed, neither are terms I think particularly encapsulate what did change, but I think it's very hard to argue that it's still just as easy to get a bunch of funding without a business model. (aside from in AI perhaps?)