There's a big gap between making early career choices and them materializing, also, information dissemination is slow and uneven.
> Programming has been known to pay well since at least the 1990s.
Known by whom? The median family in 1990 wouldn't even consider that programming as a career exists, much less that it pays well. At the dot-com boom in late 1990s, the adults would know that, but it wouldn't yet be "culturally assimilated" for the masses in the way the assumption about doctors and lawyers income was; and then you get the dot-com bust. I'd say that the time when the median high-schooler get told by all reasonable adults that "programming is a sure way to money for anyone, not just for weird geeks" doesn't arrive until 2000+ or even later; and from that time it takes ~10 years for that generation of kids to pass through school, college and fill the companies in great numbers.