A designer does not always need a better chair. A designer needs a more inspiring environment.
He was referring to the lack of diversity that Silicon Valley has, focused mostly on the perks that companies offer to their employees, rather than trying to make sure they get in contact with a more diverse set of backgrounds when they create their products.
Also interesting to see how this lack of diversity is a common feeling across the whole industry. In my experience every time there was a stagnant environment, there was always a limited diversity in the team.