This is actually a great characterization and one of the reasons why for example YC has not had a success in the last 10 years.

This has caused tech to look more and more like a ponzi scheme with greater and greater promises and yet the actual output is very feeble.

Even large companies like Apple have got caught in all this. Imagine what they promised and what they haven't been able to deliver.

We need a grand reset but that needs to come from the young ones.

Stop doing leetcode. Go back to original engineering. Stop using JavaScript. Build software like Winamp.