If you take a look at most schools CS is now one of the most popular majors. When I graduated ~3 years ago the class was ~100 per grade. I went back to recruit and class size was ~600 per grade. Talking to profs I know all over the country this seems to be thematic. The supply curve is about to shift.

I think it will be a massive flood of new devs (maybe we're in it now?) -> overvalued tech stocks -> crash -> stricter hiring.

It's not that tech, even done by shitty devs, isn't valuable. It's a question of whether the market can control itself, which I'm pretty sure is no.

You will get a massive flood of wanna-be new devs. But economic theory would tell us that high salary attracts more talent and even the companies will have more people to choose from they also become more selective so the riff-raffs still won't get a job. So only the good ones will get the plum roles; of coruse a few bad one fall through the cracks, but overall devs are smart people.