of course once they did it they where quick to plug the hole and denounce it as unhetical
spamming of course isn't a cost effective solution to reach people needing a product, but social network propagation trough referral still is highly effective
you can also buy targeted mailing addresses from selected companies, but the big, accurate lists are costly to come by - but those give you an incredibly focused group
Now, maybe, I don't know what you mean by "product startup", or even the word "most", but having burned a fair amount of shoe leather in my time, and having been associated with startups that have done nigh on a billion (USD) in sales by talking to customers, in their shops, and showing them goods, and signing contracts for delivery and SLAs, I surely would like you to back up this assertion.
Promoting your product via Twitter or your friends is fine. (promoting a submission on Hacker News [i.e. highlighting the submission itself in an attempt to vote manipulate] is against the site rules, which is not spam but still bad)
As an example:
Don't.
Yes, discoverability is broken. But that doesn't justify spamming, or other "growth hacking" that the Product Hunt culture has made socially acceptable (in fact, there has been a rise in clever voting manipulation tactics on Hacker News because such tactics have been normalized on PH: https://twitter.com/jiyinyiyong/status/855661997169364993).
Spamming won't magically make you go viral. And if you don't go viral, that's ok. Improve and try again.