I graduated with a Computer Engineering degree, did assembly, C, microprocessor design, computer vision, and know a good bit about lower level stuff, how memory works, how networking works, etc. All the stuff people in this thread seem to be lamenting the lack of. But I was also a shitty employee fresh out of school because I didn't know anything at all about modern software development because there was absolutely no time to learn that stuff as well.
I still had to spend a lot of time getting good before I was worth anything, just as these "new frontend devs" will, as well.