It's definitely not ChatGPT or AI (or at least not just that), it's remote work as well. I'm seeing a lot of companies hiring worldwide remote talent at a huge discount. This time its different from the outsourcing we have seen in the past. Because you now have experienced remote US and EU developers living somewhere where their cost of living allows them to be very competitive on rates and salary. An US developer living in Asia, can charge 50-100$ per hour, which comparatively to the US, would be 100$+-500$ per hour. And that is happening a lot now.
I have lowered my salary expectations, and am doing quite well while consulting now.