And guess what do you need to execute? Both soft and hard skills. You'll not live long without both of them and this is even more true today.
It's useless estimating the ratio between soft and hard skills without context, sometimes projects fail for one, sometimes for the other.
The big truth is that as the markets get more competitive, the employee pool follows the same trend: it's not 2021 anymore, world has changed, great developers that have both hard and soft skills can be found in the market and it's up to a competent hiring team to find them.
It is never a sign of health when they become the main thing.
I think you're conflating "soft skills have value" with an org run by bullshitters.
This is even obvious to heavily technically minded people, who lament how one kind of engineer would benefit from stronger grasp of other domains. Communication skills, understanding of how to exist within social structures, and all those “soft skills” have the power to multiply the value of the technical skills.
My sense is that the loudest proponents for devaluing soft skills are those who are bad at them and want a moat rather than having to work at them to compete.
Could you name a few with salaries at least somewhat near FAANG’s?
It's never easy for a bunch of people, each with differing and partially-overlapping conceptualisations of some domain, to coordinate correctly.
The human problems don't really go away. It requires an insane amount of "context" that would overwhelm any current AI.