In the absence of access to good deals it would be fair to say 'yes', and view crowdfunding as the method of last resort when VC or angel deals don't work out.

With that said, AngelList did a round for Uber, FundersClub did Instacart, and Wefunder did Zenefits, so the dealflow might not be of the quality that a brand-name VC/angel would get, but it's also not 100% reverse selection bias all the way.

One troubling indicator is how quickly all of crowdfunding models converged to syndicate models. While it's helpful and time-efficient to have the lead do proper due diligence, the incentives for a popular syndicate lead is to do as many deals as possible, featuring the winners and sweeping the failures under the rug.