There is no "bubble" when it comes to the talent shortage. We are short on talent because developers are needed EVERYWHERE.
Consumers are using technology on a scale never seen before. Our lives went from ONLINE to ONLINE ALL THE TIME. Every company in every industry has to hire web people, every agency needs a go-to web guy and the web industry itself is growing into every aspect of our lives: Entertainment (Netflix, Zynga), Mobile, Communication, Transportation, etc.
The amount of projects developers and designers have to maintain and build from scratch is incredible. Back in the day we had computers on the web. Now we TV's, phones, tablets, cars and even a Samsung fridge connected to the web. Building all this stuff takes talent... lots of it. And the best part about it, consumers want this.