Being successful at a startup isn't about being a good coder, either.
Especially if you're a founding member or an early hire, it often has much more to do with having good insights about where technology meets business, knowing how to tackle difficult problems using limited resources (IRL, not just in a computer), and even a sprinkle of politics if your startup happens to "disrupt" the wrong kind of industry.
If your startup has a management team that can abstract away all of that stuff so that you can just code in peace, I agree that your tenure there will probably not be worth the hassle in a resume.
Especially if you're a founding member or an early hire, it often has much more to do with having good insights about where technology meets business, knowing how to tackle difficult problems using limited resources (IRL, not just in a computer), and even a sprinkle of politics if your startup happens to "disrupt" the wrong kind of industry.
If your startup has a management team that can abstract away all of that stuff so that you can just code in peace, I agree that your tenure there will probably not be worth the hassle in a resume.