In a lot of cases VC is the exact reason why the company has negative externalities. Without VC, something like Airbnb could actually operate on a smaller scale and longer timeframe, making sure to do things properly with regards to laws, consumer protections and better trust & safety. VC encourages the "move fast and break things" and "growth at all costs" mentality and so the current Airbnb is the result.
Having worked in megacorporations my entire career, I have seen more than just VC push for "moving fast and breaking things" with little regard to trust and safety.
If you are an engineering manager who is telling your product management and sales folks that you're going to miss the end-of-year contract bonanza because you're going to take the time necessary to get metrics and monitoring, tests, and validation in place to meet an acceptable quality bar, gods help you. You'll be dinged hard for "missing critical deadlines" and promptly replaced with someone who will abuse the team's work/life balance and screw over customers.
But then the new manager will be blamed for burned-out engineers leaving the team and customers raging because of the abuse the company heaps on them.
It's a ruthless cyclical no-win situation that speaks to the need for organized labor in tech.
