The end result is more crunch and a sharp decline in software quality, maybe even job satisfaction in general. As an (unfortunately anecdotal) example, I started to find myself fixing up broken websites or removing elements that get in the way with dev tools and uBlock every once in a while, and have heard from other people on here that they have been doing the same (https://news.ycombinator.com/item?id=47042747). All to restore basic functionality of websites I go on. This was never required back in the day, Flash and early web browsers didn't even have the option to do this.
Another, less anecdotal example from a while ago: https://news.ycombinator.com/item?id=47390945
It gets worse when you realize that most of the money saved through these cuts only benefits the very top of the hierarchy.