It is if they lose faith in your ability to make a profit. Better to force you into bankruptcy and auction the IP and tangible assets than let you ride it down to zero.

This. Being able to get debt should, in general, be a good indicator that your company might actually be valuable.

Not really. The easiest way to get a loan is to start a fast food franchise or build houses. Banks don't do innovation.

Bankruptcy can definitely be in the creditor's interest. It can take possession of the company's assets, and then sell them off to recover principal (in addition to many other outcomes - bankruptcy is complicated).

Debt incentives do not align with equity.

I don't equity investments align in interest either - among Founders, angels, VCs, PEs and public shares.

There's enough material to backup the struggle between any of these entities