Maybe that was true in some distant past, but in my time in the startup world (about 16 years) it's never really been true. It's actually the thing I think Mike Judge has really nailed in "Silicone Valley" on HBO. He tells the story from the perspective of a bunch of nerds being thrust into the broader culture of the Valley. The culture of "drink ups" and beer on tap in the office.

The reality of the Valley has much more in common with my fraternity house in college than anything else really. That's not to say that the hardworking hacker doesn't exist. They absolutely do! They are the ones everyone else in the Valley is taking advantage of.