I started coding in the 90's as a teen releasing shareware, with my first gig at Adobe in 2001, where they paid me $14/hr as an intern. Even though this was rough times for tech, me and my CS peers at UW felt a lot of optimism and enthusiasm about what could be built because the framework still supported idealists and we cared less about the economy (and we were definitely naive). Both the researchers and entrepreneurial types were very curious about inventing new paradigms.
When I talk to younger people now in CS, the enthusiasm seems to be split for 'pure researcher' types and 'entrepreneurial/builder types', with the latter having interest concentrated on what is booming (like AI), and more about what can be built but what will be able to raise large sums or attract more users. I'll caveat this with I don't know to what extent the people I talk to do have a bias, but I do wonder if there are less people willing to explore new frontiers now.
One major difference between now and then is that the fraction of US market cap that is tech, and to a lesser extent, tech's importance in the economy. I wonder if this established leader position somehow could make people less optimistic and willing to explore?