The more modern trend of businesses passing risk sort of flies in the face of the old rationale of business ownership taking on risk which justified the rewards of doing business.
Now you're just doing business wrong if you don't minimize risk or figure out how to shift and transfer risk away from yourself.
You try to minimize all risks, not only in business but in all aspects of life. That has always been the case. The caricature you presented has never existed.
Now you're just doing business wrong if you don't minimize risk or figure out how to shift and transfer risk away from yourself.