I honestly believe that what we are seeing is the realisation that money and growth isn't infinite and companies need to return to actually turn a profit, not just grow revenue. That's why we're seeing Reddit, Imgur, Gitlab, Meta, Twitter and others implement changes in rapid succession. It not even that I completely disagree with their choices, I just wonder why a dumb ass like myself who knows nothing of business was able to see broken business models years in advance, while Wall Street and Silicon Valley couldn't... Or did they just not care?
The real giveaway though, was the fact that stock dividends - you know, the thing that historically you buy stock for - are basically unheard of among all but the biggest companies in tech (and even unheard of among some of those). We have now an entire generation of leaders in tech for whom profitability has been this kind of abstract notion they didn't have to think about much, which explains why they all seem so ham-fisted now that they're being forced to.