If you want my blind guess, the focus on satisfying shareholders simply intensified for the past 15 years or so, accelerated by tech and the need to incorporate it in all industries. That + low interest rates lead to a gold mine for corporate and a shift away from worrying about keeping a war chest as opposed to showing YoY growth. A shift way from retraining talent as opposed to figuring out how to save every penny on labor (the most expensive aspect in the US), regardless of employee satisfaction. There's more supply than ever so why fight for the best? You don't need the best if you lean on tech.
But that's just my L theory loosely based on experience and a variety of reading I did over the years.
That's only 1 explanation, but it's a plausible one.