Exactly what I came here to post. There is a huge difference between smart spec work and the 99 designs marketplace spec work.

That said, I really don't see where the problem is in the design ecosystem right now. Talented designers are not having problems finding really well paying work, in fact there are probably more opportunities than there are designers. On the other end you have the 99 designs space. Here there are a few hundred "designers" rehashing the same concepts, over and over, for clients you'd NEVER want to work for on anything significant.

You pay for what you get.