As a (non-PhD) researcher who works for one of the last traditional industrial research labs in Silicon Valley, I've noticed this trend for years. I've seen industrial research labs either close or become increasingly focused on short-term engineering goals. I also have noticed that newer Silicon Valley companies have adopted what Google calls a "hybrid approach" (
https://research.google/pubs/pub38149/) where there are no divisions between research groups and product groups, and where researchers are expected to write production-quality code. I've noticed many of my PhD-holding peers taking software engineering positions when they finish their PhD programs, and I also noticed more people who were formerly employed as researchers at places like IBM Almaden and HP Labs switch to software engineering positions at FAANG or unicorn companies.
Unfortunately, as someone who is also working toward finishing a PhD, I've seen very little guides for CS PhD students that reflect this reality. To be honest, I love research and I'd love to stay a researcher throughout my career, but I don't have the same love for software engineering, though I am comfortable coding. Unfortunately with these trends, traditional research is now largely confined to academia, which is very competitive to enter and where COVID-19's effects on its future are uncertain at this time, and federal laboratories such as Los Alamos and Lawrence Livermore. I fear losing my job (nothing lasts forever) and having to grind LeetCode since there are few other industrial research labs, though given the reality maybe I should start grinding LeetCode anyway.