I see the opposite in most startups that have a 6 day work week to get ahead of the "slowly moving" 5 day work week competition.
Eventually, but what's the typical lifecycle of a company? And if e.g. Treehouse succeeds or fails, was that because of their 4 day work week or because of any of the hundreds of other reasons a company might succeed or fail?
Problem is there's no such thing, monopoly powers, government subsidies, inter-company issues, contracts.
All these things can mean that a less functional, more wasteful and less productive organisation performs (in the sense of the metric that companies care about , line go up) better than a 4 day week startup.
Similarly, have you ever been “in the zone” and worked non-stop on a fun project, being super-productive for a full week or even multiple weeks, but then “crashed” (or even burned out) and your output got worse?
New companies are on a race against the clock. At the beginning everything is a cost, you’re constantly losing money. So you plough through to survive until you become stable. Then you need to scale back and take it slower to allow yourself to recuperate and keep going.
Also, keep in mind that small companies can often be very productive simply by having fewer employees and “red tape”. You can have an idea, send a message to someone else, get an immediate OK and get going. When a company gets too big and has lots of processes to keep things running, a lot of effort is wasted on even getting started.