I think there is less here than meets the eye. We will hear about signalling because the new big seed rounds have added another option to the collection of plausible sounding excuses VCs use when they don't want to invest. But as with the other excuses, it will always be less of a problem in reality than it seems to be from what the VCs are saying.

If you judged by what VCs say when they turn people down, it would seem like the most dangerous thing you could do as a startup would be to start a company VCs couldn't add much value to.