Aren’t American startups enjoying access to capital markets to a much larger extent, which in turn is a result of financialization of the US economy and demand

Aren’t American startups enjoying access to capital markets to a much larger extent, which in turn is a result of financialization of the US economy and demand for USD as a reserve currency (ie unrelated to tech itself)? My impression is US VC startups are not trying to sell anything to customers or break even, it’s a game of hype and future potential from inception to very late in the game. Basically, you don’t even have a business model until you’ve passed through all the rounds and even longer. Instead, you’re working towards finding and validating PMF, often with free or subsidized products to capture markets before even thinking about ROI. All while appearing successful since the VC money keeps flowing, essentially driving the car while the company is changing tyres. In the last decade, had anyone tried to optimize for profit or dividends in the startup world? OTOH my impression of EU startups are addressing an existing validated need (such as CRMs, booking systems etc). While I do think it’s also culturally more risk- and novelty averse, in terms of capital access you just can’t afford anywhere near the length and size of the runway.