It closed a tax rule that allowed companies to write off software salaries as R&D spend, something like now companies have to treat that differently for taxes so they now will owe more taxes. Connecting the dots people are concluding that the tax rule change means companies are doing less hiring.

Interest rates are a larger factor in my mind and it takes much longer for increases to them to have an impact on the economy. Its not like the Fed jacks up rates and immediately every loan procured automatically is impacted. Corporate and related loans are probably much longer term, like 5-10 or even 25 years. The economy doesn't move in hot-take twitter time.

I would state that if a tax rule upends your business model, you probably weren't going to be a cash flow positive and profitable business anyways. Companies that keep going after seed rounds with the goal of acquisition or some hockey stick growth dependent on virality statistically don't pan out. And I think pan out is a good word usage here, referencing people panning for gold.