Here's an interesting thing: there are other fields too. People tend to forget we need Civil Engineers, Electrical Engineers, Mechanical Engineers, Electronic Engineers, etc... This is not the end of the world. STEM professionals were switching careers because of the money and other amenities tech companies were offering (See "a day in x-company" trend on social media).
The way I see it (cynical take) is that there has been a push to get lots of people in this field just to have a bigger pool of workers and lower SWE/Dev Salaries. Heck, small companies can't compete on salary + benefits when trying to pouch SWEs/Devs. For these companies, this scenario will be a God send since they could offer lower salaries (45k ~ 70k) but with the added value of WFH. My prediction: We'll see everything ramping up again in 2024 (Prob. Q1). On the other side, tech companies will start lowering salaries, taking advantage of the uncertainty. Basically win-win for companies.