No, I think it's a real issue.
The typical routes out of MBA programs are managerial or consulting roles. That's great; the degree was designed to give future managers a broad, intellectual understanding of business as practiced by large American corporations.
Startups don't have those roles. At all. If you've hired right, everybody has smart opinions and nobody needs much management. What you need is people who can get things done right now. People with experience in designing interfaces, in interviewing users, in banging out prototypes, in running ad campaigns.
MBA programs teach a lot of great stuff. But none of my friend with MBAs got significant hands-on practical experience there.