Because it already has? This week has been brutal at nearly every start up I know, 30-50% layoffs have been the norm for most companies I've seen. Granted engineers are probably getting cut at a smaller percent than other roles, but they're in there.
Anyone who has worked in industry awhile can also attest to the fact that more recent years the drive to make every company a "tech" company has lead to a large amount of unnecessary engineering hires. Companies are rushing to build out more and more stuff, but very little of that is really deriving any value.
Tech people were really very lucky in the last recession as Tech started to boom just as everything else started to really feel it.
Anyone who has worked in industry awhile can also attest to the fact that more recent years the drive to make every company a "tech" company has lead to a large amount of unnecessary engineering hires. Companies are rushing to build out more and more stuff, but very little of that is really deriving any value.
Tech people were really very lucky in the last recession as Tech started to boom just as everything else started to really feel it.