Some balance
There is a bandwagon and most of the people jumping on it are crooks, same could be said for selling shares in these new-fangled joint stock companies which allow the 'investors' to walk away with no liability !
But doing a traditional IPO is also a pain in the posterior. You find a merchant bank that will take 5-8% of your company as a fee and another 20-30% of your company that will be sold at a steep discount to their chums. You then spend a year tarting yourself around investors instead of building your business. Every little thing you say in this year, to anybody, is going to be jumped on later by some lawyer to either get part of your company if it does well, or to get money back if it doesn't.
On the IPO day, if you are lucky, the price zooms up beyond what your bank (that took 5+% to advise you) estimated, and all their chums cash out - you are locked in until all the excitement is over. At the end of the day, if you are lucky, the bank will make 2x what the founders make.
The SPAC alternative from your point of view is that a man turns up at your door with a very large cheque and you have a free choice.
The post-SPAC alternative is that a man from Google/Facebook/Samsung turns up with a smaller cheque and a threat to buy a competitor and put you out of business if you don't accept.
For an investor, you have the choice to give Mark Cuban your $$$$ in the hope that they will make a good investment, without you knowing what it is. Investing in an IPO you are hoping that you can buy in from the insider bank selling, and make a profit !