This is misguided and myopic. There are many valid reasons for a company to go public besides “pay day to founders”, here are a few

1. Easier access to capital markets and liquidity in general 2. Marketing/publicity provided by equity research coverage 3. Legitimacy / transparency and trust building for customers (public filings, outsides can gauge health of business) 4. Thanks to number 3, companies have an easier time getting larger corporations as clients or partners

Just because you don’t understand something doesn’t make it bad