[is_it_worth_it_]

Right, but startups do employ large numbers of competent engineers. VC money drying up means those engineers start competing for the same jobs. Quantitative easing has caused stock prices to rise, mainly tech stocks. This means tech companies can offer absurd salaries via stock to compete for talent. This drives up salary across the industry. If their stock goes down, as it will with rising interest rates and market downward forces, they will pay less for top engineers. This will have industry wide effects.