I think it might be brutal for more than junior people now. I thought I would be fine when my previous employer decided to offshore all of engineering and I was laid off as a result. I have been at an architect/lead/principal level for the last 7 years doing backend work with mostly state-of-the-art tech on AWS. 15 years experience total, and just getting no traction despite referrals. None of my jobs were at hyperscale FAANG types, or super sexy stuff. I'm not a thought leader with an influential blog nor have I built an open source library with 5k stars. Maybe that is what it takes to get a call back now? I'm a regular hacker who loves technology and never dreamed I would be struggling this badly.