For context: VCs make much more money by flipping money-losing concerns that have high growth rates, than by building profitable companies. The resulting behavior is predictable.

Embarrassing really and the public markets have no growth alternatives so they will keep betting on these things.

It's that lack of alternatives that is a prerequisite for profitless, so-called "tech" companies to persist. Amongst other troublesome economic conditions that are prerequisites for so-called "tech" companies to proliferate, such as "zero" interest rates.

If real businesses with real profits run by real businesspeople selling real products and services other than online advertising services, were to succeed and grow, then Silicon Valley VC might have to crawl back into their holes. And "tech" company employees will be forced to take real jobs.

It's already happening.

A bit of an exaggeration, there are many profitable public companies with low or negative net profit (accounting profit after depreciation/amortisation) this is tax reduction strategy that high growth SaaS companies take because investors look at ARR growth rather than margins, competition is bruising so investing in product is more important than managing for profit in the long run, ie if your product fall behind you can't ever be very profitable in the future. This is aruagbly better for customers too, money into the product instead of being taken off the table to investors/tax. But these companies have positive free cash flow which generally means their cash on hand increases each quarter (not bleeding with a runway). Datadog Crowdstrike, ZoomInfo, Snowflake, Workday