1) there are not even enough generalists, good generalists are expensive, and bad generalists... you don’t want them.
2) as a generalist, I am quite OK with hiring specialists, if they are really good at what they do. I am a “full-stack”, which means that while I can do both frontend and backend, I can’t shoot React and CSS like a machine gun, nor can I squeeze the last bits of performance from JVM. I hire specialists to do that, after I got the ball rolling.
I think this can really depend on the size of the business. At a small company, you probably can't afford a specialist for each area of responsibility. At a big company, you probably can't afford _not_ to have a specialist.