Alternative thesis: most people are getting tired of working hard only for the lion's share of the reward to go to a small handful of people at the top.
Ironically, with the advent of leaf code as the sole yardstick for measuring incoming engineers we’ve also removed any incentive for “working for the next job”.
Granted I got mine in the end of the last job like that, but it came through pure leverage and nobody's happy about it, myself included.