Having worked Silicon Valley through two boom-and-bust cycles, my impression is that these people hurt because they don't understand their success. What I mean is that the Internet is a random multiplier: if you have the right idea at the right time and the right structure, you become almost infinitely rich. If you lack anything in the combination, you get nothing.
Take Facebook: the idea had been floating around for a while, but successive implementations suffered from technical, then legal issues. Then Zuck comes along, steals the idea, implements it successfully and boom, you have an infinillionaire. But when the same guy comes up with the next idea, it fails. Then the next one fails. Then the Metaverse happens and the failure is astounding.
It's basically a lottery, where your startup is the ticket. One person wins, a million plays for nothing. The winner is selected at random.
But people hate that idea, so they come up with stupid "logic" justifying why Zuck won and Yang (Yahoo!) failed. You can't imagine how many people in Silicon Valley devour Ayn Rand's ideology, how many believe in genetic racial superiority, and other fairy tales. I was always surprised they didn't go for divine intervention, but they are largely agnostic.