In addition to the SFBA getting less attractive, I think that some products (ironically many coming out of there) have helped geographically distribute access to the advantages people used to move to get.https://twitter.com/sama/status/1096822724217827328 …
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Ditto payment processing, rack space, startup-compatible professional services, placement agreements for ads, etc.
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Some of the expertise requirements for operating things are now encoded in the services you will naturally use for them. Some are widely distributed in on the Internet. Some are in the same brains they have always been in, but those brains left the SFBA.
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