Honestly there are just to many SWE then. FAANG just paid moonsalarys and lot of bad SWE joined the space who ofcourse never get to FAANG or only for 1 axed project but still are in the space not needed at all with I worked FAANG on cv. We can't all be SWE. The skilled will survive it no doubt.
Agreed. The field has become flooded w/ bad talent. I in large part blame leetcode hiring. Folks that are used to "cram cultures" just cram for that test but have zero idea how to engineer and architect good software and systems.
