Does anyone else get the sense that first-round investors used to fund the earliest, exploratory stage of a startup, but now the ethos is "Live off your savings

Does anyone else get the sense that first-round investors used to fund the earliest, exploratory stage of a startup, but now the ethos is "Live off your savings, incur debt, work your ass off to get product/market fit, land a few paying customers, and come back for a seed round when you have de-risked the opportunity for us." So basically, you need to either 1) come from wealth, 2) have big wins in your history, or 3) tap out your life savings and the goodwill of friends and relatives