This sort of thing really helps reduce barriers to entry for startups.

Hopefully, reducing legal costs will benefit the entrepreneur more than the VC. From what I've read, a VC is much better versed in the legal aspects of funding companies and has more money and time to spend on legalities. This makes it much easier for the VC to exert influence on the legal side of the financing equation. If legal proceedings become standardized, VCs will lose the legal bargaining chip.