Given that other organizations can raise large funds, an alternative explanation is that donors think that the expected impact of the organizations that cannot get funding is low.
It’s not entirely obvious how that looks different from EA being funding constrained. No donors are perfectly rational and they surely tend to be irrational in relatively consistent ways, which means that some orgs having surplus funds is totally consistent with there not being enough money to fund all worthwhile orgs. (this essentially seems like a microcosm of the world having enough money to fix all its problems with ease, and yet there ever having been a niche for EA funding).
Also, if we take the estimates of the value of EA marginal hires on the survey from a couple of years back literally, EA orgs tend to massively underpay their staff compared to their value, and presumably suffer from a lower quality hiring pool as a result.
It’s not entirely obvious how that looks different from EA being funding constrained. No donors are perfectly rational and they surely tend to be irrational in relatively consistent ways, which means that some orgs having surplus funds is totally consistent with there not being enough money to fund all worthwhile orgs. (this essentially seems like a microcosm of the world having enough money to fix all its problems with ease, and yet there ever having been a niche for EA funding).
Also, if we take the estimates of the value of EA marginal hires on the survey from a couple of years back literally, EA orgs tend to massively underpay their staff compared to their value, and presumably suffer from a lower quality hiring pool as a result.