I do wonder if we are indulging in an “eternal September” mindset though.
Free everything, stock options, good pay....
Crush the competition before it gets its feet under it. It isnt that we dont have as many nerds, they are all just "locked up".
I think a lot of the "lifelong geek" crowd just finds more 'interesting' work (for whatever qualifies as 'interesting' to them...) in other companies without jumping thru all the hoops (and for less pay, of course). Lots of startups, niche companies, etc offer challenges that can make up for the lower pay.
To be honest I don't think we'll ever go back to this. The only reason why this existed was that programming was socially unattractive, so developers self-selected to be people with certain personality characteristics. Once the society recognized the importance of IT jobs, it started pumping all sorts of people into the industry. There's no coming back, unless a) programming becomes a bad career choice again or b) all people get the luxury of working jobs that interest them
I find that if it's not an ick, it's resentment. Normies are catching on that huge amounts of tech bros are "overpaid" (working ~10 hrs a week at a rest and vest retirement home like Microsoft), and they're becoming luddites over the impact of AI in their industries.
They call San Jose "Man Jose" for a reason. Women don't like tech-bros, and it shows.