Indeed, it is by design but this is a field in which it is easy to get blindsided for conduct that has never been regarded as culpable on the part of management

Indeed, it is by design but this is a field in which it is easy to get blindsided for conduct that has never been regarded as culpable on the part of management by any historical (pre-S/O) standards. Bottom line: for those who matter (i.e., those who build companies and make key decisions on whether to take them public), this is another serious disincentive to take a company public.