My guess is, late stage investors are bringing money from a different class of LPs, who aren’t looking for asset classes that grow 20x.

Leave 20X. My concern is that some of these can't even retain their valuations (Oyo and Byju are valued below their total funding amounts already).

You are right and I am simply putting myself in the shoes of the late stage investors. Perhaps they have been sold a story the drives confidence in a 2X return. When the story doesn’t hold up, there isn’t much of a multiples buffer to prevent losing money.