I get your point, but I'm talking about Palo Alto specifically.
Even in the 90s Palo Alto had SRO housing for the homeless, required section 8 housing in new developments, and a lower median income than neighboring Menlo Park or Los Altos (and I read actually MV too, though I find that hard to believe). There was more tolerance for goofball behavior, though perhaps less than the 70s or 80s.
But 21st century Palo Alto is a different beast, and much more boring. People moved here to gain wealth (rather than nerd out) and once they had it, flaunt it. It's a real shame; there are plenty of other places to do that.
Dot com has nothing to do with it