Why is it so negative to slog it out (from a founder perspecitve)? I understand that the VC is interested only in 'hits', but I can't see what is wrong with building a stable and profitable (up to 30 year growth) business from a startup.

One reason is that the slow growth period would have likely created a series of down-rounds when the company was raising money in its initial years, massively diluting the initial founders. So even after the company gets cashflow positive or figures out some other way to stay alive (loans, etc.) without raising VC money, the entrepreneurs can never make out like bandits with the stock they've got left, in most realistic exit scenarios.