In every workplace, it's usually the few productive people who do all the work and others just dragging their asses around, mostly being a nuisance - they exist only because HR is doing a bad job on one hand, people learned how to pass interviews and then kiss asses to stay on the job very well, on the other hand, and managers want to stroke their egos by having as many people "under them" as possible.
Trick is, in the last 10-15 years those few productive people, thanks to the infinite scalability of success in the digital world, and the good stock market performance, have saved up enough money to kiss the job goodbye forever, and only those losers remain. Almost all good developers i know, quit actual development - they either sit on multimillion savings, or went into well, hardly productive sectors like crypto. No one works for hire as developers or even runs development companies (startups are too hard, many tried but no one pulled it off). And these people are barely 40. 20 years ago people like that would be those primary workhorses, now they are lost for the labor market forever.
On paper things look well, but productivity obviously suffers.