If on the other hand you're competing with senior sw devs with 5+ years of experience, there could also be other factors to keep in mind (age, ability in very specific tech stacks, etc).
I think companies are still hiring, but more focused, unlike in 2021-2022 when they over-hired "just in case".
Welcome to my world.
In-company recruiters are often quite helpful and accommodating, but, as soon as one single tech person gets involved, the temperature drops 30 degrees.
Standalone recruiters send me these breathless emails, extolling my qualifications, but, as soon as they find out my age, they ghost me. I have actually had recruiters hang up on me, as soon as I told them my age. I learned to just mention that up front, to get the ghosting out of the way.
Apparently, they aren't very good at math. I list 30 years+ experience, yet they seem to think that I'm under 35.
After a while, I just gave up, and accepted that I'm retired.
It's not the money; it's the "culture." Many folks, much younger, and much more inexperienced, are paid more than I ever made, in my entire career. I would have gladly accepted less money than I had made before. I don't really need it. The work is what interests me.
I'm not disagreeing with you per se, but the tech economy seems much worse recently and I don't think I'm suddenly worse, stale, or less productive.
If you want to be paid more than someone with 5 years, you have to generate more value than they do, and you have to persuade the hiring manager that you can generate more value. The fraction of places that can see that is smaller than the fraction that can see the value of a senior over a junior. (On the other hand, for those places, the competition for the jobs is also less severe - there aren't tons of people with 20 years of experience on the street at any given time.)
So it takes longer than it did when you had 5 years of experience. But keep looking. There are places that will see the value in what you provide.
The job category you're looking for is "principal software engineer" or "staff software engineer".
