I have read about title inflation but I do not know about title deflation. I afraid you need to provide proof for your claim before I take it seriously. I do hear entry positions requiring a few years of experience, but often that is just a way to promote an internal hire, like a contractor or an intern.

How do you define economic value? By money only is a bad metric. Take pharma for example. The top 5 biggest pharma companies combined can't equal the same market cap or liquidity of 1 Apple (1.9T vs 2.5T). Now think about the societal impact. If you have to live in a place without drugs (those 5 pharma produce almost all the lifesaving drugs in the US) and a place without Apple products, where would you go?

I can go into the reasons why Apple is 2.5T and the pharmas is fraction of that, but that would be too long. It is simply the economy of scale, cost of manufacturing, and legal regulations. The cost of doing business results in lower salary for the end workers but it doesn't mean the industry is "lower value".