All of sudden to ensure better support and separation of concerns people needed a team with a manager for each service. If this hadn't been the case, the industry as a whole can likely work with 40% - 50% less people eventually. Thats because at any given point in time even with a large monolithic codebase only 10 - 20% of the code base is in active evolution, what that means in microservices world is equivalent amount teams are sitting idle.
When I started out huge C++ and Java code bases were pretty much the norm, and it was also one of the reasons why things were hard and barrier to entry high. In this microservices world, things are small enough that any small group of even low productivity employees can make things work. That is quite literally true, because smaller things that work well don't even need all that many changes on a everyday basis.
To me its these kind of places that are in real trouble. There is not enough work to justify keeping dozens to even hundreds of teams, their managements and their hierarchies all working for quite literally doing nothing.