That perspective makes sense, but I think it's also worth considering that it is likely that not all of those YC founders would have been accepted if batches we

That perspective makes sense, but I think it's also worth considering that it is likely that not all of those YC founders would have been accepted if batches were smaller. You're totally right that per founder, YC was more valuable when batches were small, but I think it's less clear whether the aggregate value is higher.