I think Dan(that guy yeah, we all have our diff about him but he did raise a good point) complained about Bitshares doing the same thing.
This post:
https://steemit.com/crypto-news/@dan/is-the-dao-going-to-be-doa
The Anti-Spending Movement section of his post.
Key parts that I think apply:

It didn’t take long for the BitShares community to realize that funding projects today would cause a short-term fall in the value of BitShares. Unable to bear the short-term paper-loss and psychological impact of a lower market cap, people started electing proxies that would vote against all spending proposals.