For every 100k I have been paid by organizations to create & program out marketing automation code I have made those organizations 1mil in recurring revenue.
It's no mystery. Code is compounding. Why do authors and musicians with a proven financial impact get huge advances? Until any one company has a monopoly on a given business niche/vertical/whathaveyou you code has compounding value.
If anything engineers need to band together as small groups and start cloning out business models for any company with a relatively traditional business model that tries to have a time wasting faang level interviewing process. The moment the salaries drop there will be an army of software devs moving back in with family and cloning any business they can aquire basic knowledge of...