That would require employees to actually understand how venture financing and liquidation preferences work, which is rare in my experience. Then a smart company

That would require employees to actually understand how venture financing and liquidation preferences work, which is rare in my experience. Then a smart company could broadcast its lack of liquidation preference as a recruiting tool. It's hard enough to raise money without trying to get out of standard terms like liquidation preference though. And pretty much zero Series Seed/A companies are so incredibly attractive that they'd have enough leverage. So while I am hopeful like you, I can't really see it happening.