Too many VC firms/dumb money or not enough startups? Larger VCs should limit their fund size and do more micro seed investments with a strong value added focus. Make themselves more open to the startup community while still maintaining a black swan business model.

How about "the death of the US IPO?" (for whatever reasons).

There's just that much less money to be made than in the late-50s to early '00s and this results in a lot of the things you note. E.g. there are too many firms with too much money for the new No Exit market.