Not exactly, although clearly this is in some part a reaction to the kind of insane amount of VC sloshing around. They're not offering "more money for the same

Not exactly, although clearly this is in some part a reaction to the kind of insane amount of VC sloshing around. They're not offering "more money for the same thing" (i.e. inflation). Instead, YC is offering its old deal – 125k for 7% – plus a bunch more up-front cash for a (to my eyes) very reasonable adjustable equity stake to be named later.