Do you really want to buy into a feudalistic legacy organizational model knowing that the odds of rising up in the pyramid are approximately zero? And they're going to downsize with no loyalty if needed to bump the stock price later on. Like a decapitated chicken the company will strut around a bit randomly canceling or creating projects so you have no control over your future other than maybe running away to another feudal manor and some have non-competes to try and enforce that kind of slavery. So they're worth nothing to you as an employer unless you want to LARP that you're a feudal peasant in 1300 and you're worth nothing to them as they'll fire you or steal from you in a blink of an eye if they can make a nickel off it.
Meanwhile a competitor smart enough to hire you as a consultant will crush them in the market purely for organizational superiority reasons. Companies that hire contractors are inherently more modern and superior and more likely to succeed.
The future, being unevenly distributed, some folks still think employment is alive, but one effect of post-industrialism or service economy or infinite benefit prices is employment is good and dead. In a dying business model, the employer needs employees a lot more than employees need the employer.