I learned from the article that KP's problem was that their firm bifurcated. They had a growth fund led by Mary Meeker which was likely responsible for a number

I learned from the article that KP's problem was that their firm bifurcated. They had a growth fund led by Mary Meeker which was likely responsible for a number of those impressive logos you listed. Meeker's success with the growth fund happened as KP's early stage venture fund went into decline even though it was the original and the stalwart for decades. The article mentioned that Meeker left last year with her entire team to start her own fund and one of KP's biggest problems has been the inability to keep its own talent. So "they clearly still have it" is likely in reference to people who have left with their 'web' and KP may not have anything.