Yellen saves the day?

The FDIC is going to ensure access to all funds of depositors of Silicon Valley Bank using the Deposit Insurance Fund. This only applies to depositors, shareholders aren't being protected. This was always the most likely outcome. The bank has assets.

The Fed is also easing access to the discount window and setting up a funding program in case any banks need short-term liquidity.

I don't really think it is a semantics game to not call this a bailout. The risk-taking parties are all not being rescued here. The shareholders and bondholders are being wiped out. The depositors are being helped, which is generally the FDIC's mission. The moral hazard concerns here are essentially nil.

A lot of the bailout mechanisms available to the government got curtailed post 2008. I believe this authority is coming under calling SVB a systemic risk and using the Deposit Insurance Fund that member banks pay into. SVB is being sold at auction right now, and has assets, so presumably a sale would be able to make depositors whole too.

I've mentioned this before but contrast this with FTX where the assets were mostly non-existent due to fraud and risky investments that went south. Here the bank was mostly solvent just illiquid and had a bank run off of a panic. Most other large banks are better capitalized and have more diverse holdings such that they are more liquid/can become more liquid.