This is basically what happened, the industry turned manager-heavy and expelled a lot of talent, replacing lifelong developers with bootcamp devs and other non-tech background people. It's kinda messed up because the lifelong developer types got called nerds growing up, had to learn what they know in the face of bullying and computers being very uncool, only to be basically replaced by those who made fun of them when it finally became "cool" and lucrative to be a developer.
Because it's all managers and no talent now, there's like an Interview Industrial Complex that emerged, where most teams spend the majority of time and energy just interviewing thousands of people and hiring/firing (via manufactured drama) while they never really build anything - it's all these managers know how to do because there are so few real developers left.
Some of the best developers I know of (of libs I use, etc.) outright refuse to work in the infantile conditions of the modern corporate setting anyway. The lucky ones have found other revenue streams and spend their coding energy on open source or personal ventures.
I talked to a young founder the other day - maybe 10 years younger than me, in his 20s - who said multiple times he was "retired", he kept waiting for some kind of validation on my face I guess but I just don't find it impressive. I lost respect actually, having heard that. In his mind he thinks he's a baller, in my mind he's a lazy egomaniac who knows 4 total things - I wouldn't even let this kid mow my lawn.
Smart, talented people just aren't valued anymore - it's more about prestige and authority now. But maybe not forever, they're certainly leaving themselves wide open at the advent of this LLM thing. Would love nothing more than the big tech ship to sink and get displaced by smaller, smarter companies.