I don't doubt it, but it is also only the past 15-20 years or so when tech became a prestigious career with higher salaries than law and investment banking and not just a "job for nerds". To some extent, the latter is still the reputation it has in the UK/EU where the salaries are nowhere near US levels.
At the minute I would agree that I am going off a broader definition extended to friends and past colleagues but I strongly suspect in the next 10-20 years more traditional family nepotism will seep in as the kids of millennial coders who got their break at FAANG start graduating and using family contacts to land jobs. Yeah engineering will always require a baseline of knowledge but if the basic competence is present there is nothing to suggest that tech is immune to the nepotism which exists in every other industry. The "don't be evil" days are clearly long gone.