>Another big difference is that is very common to run at a loss early on in the life of startup

How many Unicorns are actually making a profit? Hell how many Deca or Centi-Unicorns are profitable? There's probably hundreds of billions of value in companies that are not and don't have clear paths to profitability.

So I think we've moved from it being ok to be unprofitable when you start a company to it being ok to be unprofitable for decades...