People completely underestimate how drastically SW development has changed in demographics over the last two decades.

Millions of people entered the field, many of them explicitly because they saw it is a good job opportunity. The average software developer is now a completely different person than they were ten or twenty years ago. Importantly there has been a major shift towards people in India and other Asian countries, where development has been outsourced or where developers are hired from as well as differences in college graduates. This is clearly reflected in the job market, which is getting more competitive.