Ask HN: Is the tech startup space oversaturated?

It is more than likely that we are about to enter (and arguably we already are) in a overdue recession.

For someone that has an idea, built a working product and wants to scale it, the odds are greatly stacked against them with FAANG companies not helping in copying startups as if they are features, in addition to inflation and investors hesitant to invest as the “Good Times” are over.

Is there any point to building a startup in this climate? Has the ideas now run out?