(I have lots more to say on this topic - even more so than other topics. But I'm going to sleep now and can't finish this :( )
1) There are a lot of crappy startups right now.
2) People are bad at choosing which businesses will take off, but think they are good. Accelerators could easily turn into a big circle jerk, but more insidiously, a place where startups that make the bosses happy get resources. Often innovative startups are frowned upon because new ideas are hard to understand;