I think calling it inflated is to play to a narrative that labor was overvalued broadly in tech.
Salaries across industries in the US have remained flat since the 1970s. Calling the one sector that can provide access a middle class lifestyle inflated s to play into a narrative capital is eager to tell, even if OP didn't intend that.
> Salaries across industries in the US have remained flat since the 1970s
What do you mean? The real (meaning adjusted for inflation) hourly wage in the US has increased by around 20% since 1970.
What has changed since the 1970s is that wages are no longer coupled to productivity. Perhaps that is what you are thinking of? But that should be an obvious truism for anyone in tech. We create the very things that cause that to be the case!
That NeoLiberal shift did not take place in a vacuum. It was a product of the world around it. It absolutely was caused by tech.
If we — those with the power to build the productivity creators — took a stand and said "we refuse to create tech for the interests of the few" it would have never happened. But, instead, we welcomed it and are responsible for it.
The corollary of “if we took a stand” is that Capital took a stand and collectively undid a lot of the gains of the post-WWII social democratic order.
So no. It wasn’t caused by tech beyond the uninteresting factors like modern society being complex and, of course, that tech developments influence things (pretty much all things).
