It's a risk reward thing. I'm one of those company town people. You put up with a certain amount of nonsense in a big company, but you get stability, career path, great benefits, etc.

Small companies aren't nirvana, and if there are few small companies, you're taking a big risk that you're stepping into an organization where the owner's dumb nephew will be made an SVP over you. In the valley, you jump ship. In the "company town", you need to uproot and move.