It is not engineers who are undercutting each other. It is the staffing companies, who I call as pimps. They are doing much damage to the contract rates. There is another thing going on: kickbacks to managers from staffing companies.
Those recruiters wouldn't be able to do what they do without at least some tacit approval or participation of labor.
thats why i fucking ignore if someone contacts me on linked and he's a recruiter.
I tell fuck you. here, buy my software instead.