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.