I can't believe you would dare to imply that these companies and VCs actually bear some responsibility and that their incessant whining that it's not actually their fault at all isn't entirely true.

Move fast, break things.

Another question is why bother having any explicit limits on FDIC coverage if there's effectively no actual limits on FDIC coverage.

Because spreading risk across multiple banks is an intended feature of the insurance limit, and reduces overall risk to the banking sector.

Exactly. It's an abject failure of journalism if a dozen national journalists aren't currently sorting out why this was the case.