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Why are you so certain of that? They never earned that much because they were unique talented, but because demand was so high and you couldn't find anyone cheaper filling the requirements. Why are you sure demand won't return?

people said the same in 2016, 2020, 2012, etc.

Bigger tech companies and winner-take-all markets means bigger salaries and more perks to attract top talent when the stakes are so high. The next big arms race is AI. You can be sure tech companies are offering huge salaries for top talent there too.

Perhaps, but the difference between now and then was all those years had near-zero interest rates. It's a lot easier for tech (and growth companies in general) to stage a comeback in that macro environment. Especially when it comes to issuing all the RSUs to fund those compensation packages.

Has it even stopped? From where I am sitting it doesn’t look like it has stopped, just that a small subset of people who were doing it previously are no longer doing it now.