YC company approaches VC and says we have a soft commit from a YC partner. VC calls the YC partner and invests. I am not saying there is anything wrong in the old world. It is what it is. When its your company and there is money involved people get creative and work around rules. Some companies raise successfully and some others dont. If VC's (with all their resources) are taking their cues from YC Partners then something else is broken not the entrepreneur.