While it seems anecdotally true that the mathematical foundations of computer science are being downplayed in universities in favour of giving students a more practical education in software engineering, which is an entire contentious discussion in and of itself. I think that a big factor in influencing your observation could be that CS is no longer the main entry point into a career in software development. In the organisation I work in, many of the younger hires do not come from CS backgrounds, and even many of the older hires come from other scientific disciplines.