That collapsed during the covid lockdowns. My financial services client cut loose all consultants and killed all 'non-essential' projects, even when mine (that they had already approved) would save them 400K a year, they did not care! Top down the word came to cut everyone -- so they did.
This trend is very much a top down push. Inorganic. People with skills and experience are viewed by HR and their AI software as risky to leave and unlikely to respond to whatever pressures they like to apply.
Since then it's been more of the same as far as consulting.
I've come to the conclusion I'm better served by working on smaller projects I want to build and not chasing big consulting dollars. I'm happier (now) but it took a while.
An unexpected benefit of all the pain was I like making things again... but I am using claude code and gemini. Amazing tools if you have experience already and you know what you want out of them -- otherwise they mainly produce crap in the hands of the masses.