There have always been hundreds or thousands of companies that want software engineers but simply don't have the revenue to support them. My first dev job was a small private company in exactly this spot. They basically paid me my salary for six months to figure out WordPress and PHP on the job having only ever done very basic programming stuff on my own in high school ~6 years prior.

The median dev salary across the entire US is something like $130k/yr. There are huge numbers of new or self-taught software devs in low cost of living areas of the country making $50-60k/yr.