What "severe consequences" are you talking about?! With increased funding founders are paid better and better during startup years. And with a blossoming employment market, failed founders will easily find themselves jobs which will quite appreciate the earned experience.

I believe it's more about the comfort of regular employment which is more and more cozy and attractive (including from a financial perspective). Startups are risky and intense and for a lot of people the extra stress just isn't worth it. They can be happy with a regular 9-5 job and more free time for fun and hobbies.

Culture is another thing. Society does not value success as it used to be, the self-made rich are reviled while luck, conformity and integration in society held in high regards. Unfortunately this comes exactly as future's challenges can only by solved with courage and entrepreneurship...