As a SWE who's been in a couple of companies of small-to-medium size, and now in a relatively successful fintech scale-up that's running a (very long) hiring freeze, I can say that I've seen this layoffs season coming from a thousand kilometers.
Now matter how successful your company is, you can't start hiring bonobos with no clue about how a computer works just because your investors asked for an X% increase in head count and then be like "sorry, we didn't plan to fire you as soon as things got serious" with clueless employees. And people have been gifted tech jobs for years now. It's not people's fault if they're not good at their job yet they get hired for senior positions, just to realize something's not working as soon as the job market needs qualified professionals in tough times. Now we're all in a bad predicament: we have to waste countless hours interviewing "senior" engs with basically no skills to speak of, and they are getting depressed because nobody's gifting titles anymore, but have no clue on how the whole process actually works.
Now somebody has to tell Jessica that posting screenshots of code on Twitter is not devrel, and Guillermo that not knowing React 18 is not totally ok for a tech lead of a React shop. And I totally don't want to be that guy.