I don’t want to defend the traditional IPO process too much, but “only” is a strong word. One possible benefit from a “pop” is that it makes it more likely for investors to want to participate in future IPOs. That is, the pop from an earlier IPO makes it easier for a later IPO to occur. Of course this isn’t benefitting the first company, but it is benefitting companies at large.

I’m just trying to offer some explanation, I still believe the process deserves modernization.