Yawn. This is all just shakedown from pandemic-era overhiring, when zero interest rates made it economical to hire whole engineering _organizations_ just to keep them from going elsewhere. Meta alone has hired 30,000 since the beginning of 2021; what were those folks ever even going to work on?
The tide is going out, and a whole lot of engineering orgs (and, frankly, mid-tier engineers) are going to find out who's treading water and who's swimming naked.