In so far as being given the chance to participate in an IPO is typically a lucrative opportunity IPO allocations are treated as rewards to be doled out. Left to their own devices investment companies reward their highest value customers by setting minimum account value in the six figures to participate. Someone with a $1.8 million investment account could probably easily get an IPO allocation if they wanted one. Etsy offering 5% of the shares to their sellers is just putting a different emphasis on who they want to reward. I don't think you can draw a larger conclusion about wealth distribution as a whole from it.
