I'd agree with this. I did a double degree in Comp Sci/Comp Sys Eng at RMIT (1998-2002) and even from that era I would say that's largely true. Out of the people who did my course (and those I knew from other degrees like Comp Sys Eng/Business) very few are still doing deep technical programming for a career and/or hobby programming on the side on deep technical non-web things. The rest are mostly working for places like consulting companies, banks, big data, Telstra, etc in management roles like project manager, scrum master, solutions architect, change management. A lot of folks I think were just not that interested in stuff like writing an OS, how does virtual memory work, how does the hardware work, etc so they gravitated out of those software development roles into management roles. Nothing wrong with that, but I just think not everyone is interested in or capable of writing an OS!