It might even be that there aren't 100 YCs worth of people good at making YC-style bets.
That too! My initial idea was "There aren't enough startups out there to YC", which led me to "That's why YC tries to boost yield by enabling marginal startups to succeed via office hours and support", which led me to "But the system as a whole probably has limited resources suitable for support."
To which the answer is probably "There aren't 100 YCs worth of good ideas + support resources / networking opportunities out there."