This is definitely a sign of a bubble. When I was a college student in Boulder in 2000, one of my roommates worked at a startup as an intern.

He told me during his first week, the team all just sat around a table and thought up ideas to pursue for days on end. The only way I can fathom that being possible if they were a pre funded team. I'm pretty sure they split up within a year or so of him working there.