1) Time is money.
All the time a start-up invest in pleasing and answering VC's, it is time that they could have spending on developing or marketing their product or solution.
2) Maybe VC's will now have to approach start-ups and ask if they can help to grow the company.
3) Currently there are many small companies running out of money. Larger companies will buy them up at prices below the investments VC's have made. In many cases VC's never going to get their $33mio back on companies that hardly have a revenue of $10mio in a limited market.
If a VC can bring leads, customers or users, then he brings additional value. If not the added value of a VC is just money.