It exists out West too but in my experience so far is less prevalent and is given less weight. People out East often start a presentation, pitch, or interview with where they went to school. Out West I have done a dozen VC meetings and have only been asked once or twice and I didn't get the impression it was a major data point for them.
Dominant mentalities are:
East: who are you? What is your background?
West: what can you do?
Winters in the East Coast are harsh so it forces people to be more 'realistic'. Whereas the sub tropical West Coast gives people an environment to think in more imaginitive ways.
Also Juicero was headquarted in San Fran?
Weather certainly does have an effect on culture. That said, the East Coast vs. West Coast, U.S. vs the World rivalry is mostly contrived, and claims that one area is more innovative than another are dubious. It's reasonable to claim that the Bay Area has more of an engineering-centric culture, but that is likely due to a) Intel and b) the presence of multiple well-funded National Labs within close proximity.
If you look at the case of Leland Stanford, for instance, you'll notice that he maintained pretty deep personal and economic ties with his hometown of Albany up until his death- a lot of his success wouldn't have been possible if he hadn't been able to rely upon his extended family in the East Coast for support.
Stanford University was actually originally supposed to be in Albany, but was the location was switched to Palo Alto- allegedly because people got greedy. Instead Albany got a children's orphanage sponsored by Stanford's wife, which didn't last past the 30s. [1]
[1] http://alloveralbany.com/archive/2010/10/01/why-stanford-isn...
Instead, New Yorkers are more likely to call bullshit on an idea when it isn't good or at a minimum challenge it to be better. You don't have nearly the same survival of the fittest attitude in the Bay Area from my impressions, and as a result tons of crackpot ideas end up funded. Admittedly, crackpot ideas in NYC also get funded (Juicero, oy) so I'm not sure if the difference can totally be attributed to New York's adversarial nature.
Mostly what it boils down to here I suspect is that start-ups just aren't as visible because all of the software devs and engineers realized that they could go work in finance rather than a "tech company" and make millions of dollars more. In this sense, lots of New York's innovative spirit gets channeled into problems relating to designing custom ASICs for HFT and trying to outwit the market.
As another point, who claim that the East Coast is averse to experimentation have a marked tendency to ignore counterfactual examples like BBN and Bell Labs. Even Xerox (in Rochester) and Kodak were pretty deep into R&D before they fucked themselves.