Founder Mode is just a marketing slang, not sure if that has much of an impact on business. Putting that aside

Airbnb falls in an interesting category of business. It had the first mover advantage of getting into a market segment which was not regulated and not available for general public. Its a great option in some cases, benefits the economy in areas where regular hotels are not available.

However they do not have anything additional to offer on the top of what they are already offering so far. In other words their services, attractions segment did not get enough attention from the users that the users would pay money for it.

Secondly and most importantly, even though they had an advantage of getting into unregulated market which worked fine for hosts and guests alike, the local and government bodies are trying to get their fair share of taxes from all this transaction. This just increases the costs. On the top of it the big players are investing into Airbnb rentals (big businesses managing rentals) and trying to maximize their profits by any means which is making the whole experience worse for the value of money.