i think we need to separate the perks from the bubble.
the bubble meant that every new startup could raise venture capital, or IPO and cash in with real ease. there was an overvaluation as well as a miscalculation of risks.
however, the perks were just an outcome of the laws of supply and demand, as there was great demand for good people and not enough supply. hence, the cumuter geek was king. i don't think that was an irresponsible way to spend money. getting good employees is one of he best investments you can make. it's keeping tham (in a market where everybody has money to spend on good employees) that's the trick. giving a manager who earns millions an additional bonus (because he needs to be "incentivized") instead of delivering those funds to the shareholders (which were the employyes themselves in the high times of the bubble) is irresponsible. you could also consider putting that huge pile of money back into the business as an engine to growth.