Our craft is becoming arcane: Microsoft is building VSCode for the cloud. Few people own desktop computers anymore. Apple is locking down MacOS to signed binaries. Soon we'll all have thin clients and will write software in the cloud for the cloud. Few will be able to learn how to engineer at home anymore - you'll have to go to a university or trade school. Building a simple website will require JS package management, kubernetes, and AWS. The "free tier" will fall away.
Employees aren't excited by what they do: People job hop for promos, raises, and resume fodder, not because there's an actual interest in the product. The majority of software projects are mundane glue, pipes, optimization tweaks, or migrations.
Companies don't care about employees: Wages are adjusted for cost of living. Companies are trying to hire more outside of California in order to lower wages across the board. Employees at "passion project" companies (gaming, SpaceX, Tesla) are overworked and underpaid.
Incentives are wrong: Google bestows promos on launches, not KTLO. Google kills products that make customers and engineers happy and doesn't spend enough effort to make them better.
The industry is eating the commons: The web is turning into shit. Devices are being locked down. Ads and tracking are everywhere. Open source is being co-opted, but the benefits are not returned. The cool things to hack on and integrate with (remember "mashups"?) are all siloed up, full of ads, and dumbed down to the most basic products.
The Internet now treats everyone using it like we're all brainless idiots to be injected with dopamine. Like we're not smart enough to choose how to consume it. And working for companies in this field now feels like working for the insurance industry. Optimize for the average.