One advantage of an economy like this is that in another year or two, companies will have been humbled a bit and will not be looking so far up the corporate equivalent of Maslow's hierarchy, and will either be more focused on things that actually matter, or will be dead.
Unfortunately, we have to get through this bit first....
I hope you are right. OTOH, with an actual over abundance of labor instead of always on hiring barely finding enough employees, they can either go even farther in the direction of pointless hoops or even shorter on wages relative to output.
My advice to everyone who is thinking about tech is to find a ___domain that needs tech assistance and consider that ___domain your career future. Street smart engineers I know have mostly dropped out by 40, so tech is not a career.
Unfortunately, we have to get through this bit first....