The "generous" overlords didn't think twice about cutting tens of thousands of developers to please wall street, even if financially there wasn't the smallest need for it.
I am not using the word generous in the unselfish sense, but the large, abundant sense. Apologies for any confusion.
It'll be interesting to see how the use of AI-based software development tools plays out, and affects the job market, but so far - together with offshoring - it seems to be mainly a matter of limiting entry level opportunities. Whether this persists or not remains to be seen - companies seem to be hoping/expecting that AI will let them cope with fewer entry level developers, but given that currently you need a human to use the tool it's not clear to what extent that is actually true.
Trump has recently, somewhat unexpectedly, been making noises about offshoring and H1B developers - saying that US companies need to be more patriotic in their hiring practices. It remains to be seen if this will progress from bullying to actual policy/law changes, but a reversal of offshoring would do a lot to improve the US job market for developers, especially entry level.
bigtech looks at the marginal cost of an employee compared to marginal revenue gains they'll drive and sees a clear win. from their perspective, employees are underpaid relative to the money they bring in.
employees look at a mid-six-figure TC package for a very cushy job with minimal accountability and think that they're getting away with something amazing.