Also as an ex-FAANG engineer laid off, I'm having a lot of trouble finding a new job. I don't think I'll ever reach my old pay again.
So founding a startup is looking more appealing
It's the startups that will have to pay less, since they can borrow less. Also if startups pay less, big tech can pay less too.
Big tech is mostly a mature business now, where the decision makers dont know what to do with cash. Facebook tried the metaverse garbage and failed, Google doesnt know how to do anything (even search sucks). Microsoft seems to have more rational ideas.
All those companies are at the outsourcing stage, where they outsource their core product to low cost countries... and the product starts to suck.
Good luck with your job search, perhaps try to find a boring compabyny doing boring stuff. Those horrible CRUDs are lifeblood of many moloch companies.