https://techcrunch.com/2021/12/10/y-combinator/

Don’t worry, Y Combinator fans, you’ll be able to write off this entire opinion piece as the disgruntled musings of “a failed startup founder who was never able to get into Y Combinator,” because seen through one lens, that’s exactly what I am. But, damn it, for a while there, being a Y Combinator company meant something. People who’d gone through Y Combinator spoke through it in hushed tones, as if God’s own light had shined upon them, and they had been touched by the wings of an angel.

Truth is, for a lot of companies, being part of Y Combinator was a huge breakthrough, and getting the YC stamp of approval meant something. The selection criteria were stringent, and whenever there was a YC demo day, the entire startup ecosystem would be wafting themselves with a sense of arousal and excitement. The press would be sharpening its proverbial pencils, and investors would be clamoring for the most promising startups. Both groups did that for the same reason: To make it through the YC selection process and survive it through the end of the program meant that the companies at least reached a basic level of competence.