I don't understand why does it inherently matter. Companies and founders know what it the state of their business, and every founder knows if they raised money

I don't understand why does it inherently matter. Companies and founders know what it the state of their business, and every founder knows if they raised money at a higher or unfair valuation. Investors are just riding the horse, and they know what they are doing. Companies come and go, and the free-market determines their valuation. If they gotta fail, let 'em fail. If they gotta succeed, let them succeed. If the valuations are pumped up but eventually somebody is willing to acquire these companies, let them do it. It's a risk/reward game. It's not like founders and investors are passively suffering the up and downs of the market. They are the market! Everybody knows what they are doing. Last but not least, high volatility in a market generates opportunities, regardless if it's a boom, or a bubble burst.