Getting one's foot in the door has always been hard, but it seems there's another trend here: Computer Science is now the most popular major at many schools. All of those students need a place to go.
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I met lots of my nieces and nephews over christmas break and was surprised to see every single one of them studying comp sci.
Most of the -worst- colleagues I've had in the last decade were folks from other walks of life who took a short boot camp, chasing money. Not all, but most, seemed to have zero passion for it, and didn't "get it." This is not to say I blame them - not one bit, but average quality took a huge hit.
CS is starting to feel like MBAs of the late 90s early 00's - everyone chasing what they believe is easy money without thinking about it and absolutely flooding the field until it became a 'nice to have'.
Yep lots of my friends couldn't give a crap about tech and took this path. Their main goal was to grind enough to get into management. Some of them are now managers at meta making 500k. I feel wronged lol.
They found another way into management which is probably where they belong... for now until they're up and out. Easy come, easy go. Can you really imagine having to write code with people like that on your team long term?
Anyway the money isn't everything. I'm sure plenty of them are miserable because they're constantly under threat from more competent people. Sometimes the crown wears you.