Very true, colleges have been seeing double-digit growth in applicants of CS majors every year in the past 10+ years, and this year the number of applicants is at least 2x more than last year. That said, I'm not sure about the growth rate of qualified talent. At least 8 out 10 senior engineers who I interviewed could only throw some terms around and draw a few boxes. "Experts" of Apache Beam can't write a simple word count using even pseudo code of Beam's APIs. The team leads from FAANG could talk only about team coordination but not specifics of the tech stacks of their systems. ML experts could throw terms like BERT around but could not explain simple things like the difference between layer normalization and batch normalization, let alone coming up with models to solve specific problems. Experts of distribute system couldn't design a simple stateful system or articulate any distributed algorithm. The list can go on and on.
Given such shortage of true talent, I'd rather worry about whether there will be growth in IT the industry. Without growth opportunities, investment will drop, so will the demand of talent.