Early stage companies are often backed by equity investment from angel investors or venture capital firms that require a 10X return over a relatively short period of time. While this investment structure works well for some companies, many companies either cannot in good faith promise those returns or do not believe that kind of rapid growth is what makes sense for their businesses.
If used correctly, debt can be a powerful tool to fund growth as it allows founders to retain a larger portion of ownership and can fund growth in a broader range of industries/business models. Debt can be an entrepreneur-friendly way to grow a business that is cashflow positive, but may not have enough capital to accelerate growth.