The numbers I could easily find back this up:
https://www.bls.gov/ooh/computer-and-information-technology/...
https://www.computerworld.com/article/3542681/how-many-jobs-...
The FAANG (or whatever we call it now) companies and startups represent the tip of the iceberg, the most attractive segment of programming and tech jobs. Those companies also have the most candidates to choose from, the most grueling interview process, and seem to have the most churn and turnover when economic conditions change. A job at Twitter or Meta probably pays a lot more and offers more perks and prestige than a job at a regional trucking company or retail chain, sure.
Downturns like this always hit the younger and less-experienced cohort of tech workers hardest. People fresh out of school with no experience will struggle. People with narrow skills, short experience at one company, or an exaggerated opinion of their actual value, will struggle. While the FAANG/startup companies that get attention on HN can optimize their hiring around leetcode and whiteboard trials, the rest of the tech world tends to value experience and fitting in with a team.
If you can only produce from an Aeron chair writing Clojure and shunning meetings then you will find the job market limited. As companies tighten up and lay off and focus on profits and retention programmers who want to get a paycheck have to adjust their expectations. A truck driver who will only drive a customized red Peterbilt 359 on one interstate route will similarly find their options limited, even in a market with plentiful jobs for truck drivers.
