YC's Sam Altman tweeted early this month that startup accelerators are part of where there are bubbles. I agree, but I also believe this bubble reflects an ominous trend in entrepreneurship in America.
Entrepreneurship has been turned into a social movement or a marketing campaign. It is hijacked by activists and marketers. So we see people are "promoting awareness of entrepreneurship" and "making social entrepreneurship an integral part of community building." A great capitalist idea is now being abused. There is NO social entrepreneurship!
Activists and marketers are sprinting in a marathon. Even worse, they run, but don't care about the minutes and the seconds between the start and finish. They care about how people view their running, what clothes they put on, and what messages they deliver. So they spend resources on things that are least related to running. They drag entrepreneurs into showmanship. They see audience, while entrepreneurs need customers. When they are done with this movement or campaign, they move on to the next. But entrepreneurs are creating a business, a long-run enterprise. They are here to finish the whole 42 km.
So I think if an accelerator is to avoid the fate of crushing of the bubble, they need to go back to the basics: help entrepreneurs to create a product that has a market. Anything beyond that is fluffy and useless, even financing.