In the case of Figma that's just because IPOs are a scam in general. It's more of a ponzi scheme than Bitcoin is (and USD more than that). A: "Sweet, after I invest in you how will I get my money back." B" "Oh, someone else will buy it off of you." Without divedends stocks make no sense as a security.

When you participate in an IPO you just give a company free money with no future liability for it, besides their reduced ability to do it again.

Not only on purpose, this will force us to be enslaved and rely on A.I.