Maybe we give different meanings to the overinflation word. I see it as something that is speculative/shady in nature. Is housing overinflated? Probably in some places for sure because those who already have a house or invested in real estate wants to cut down supply to raise prices.

Is the same on the job market? I don't think so. I never heard any SWE saying "let's scare people away from a CS career so we can bargain for higher salaries". The opposite is true though. Companies participate in career fairs, pre-uni events to make people gravitate towards a CS careers, ... so with a higher supply each employee loses a bit of bargaining power.

Small excursus, this very fact was taken to the extreme in 2022 when everyone did layoffs at the same time despite the numbers being still great. If you put 300k people on the street at around the same time you can hire some of them for way less money as they now lost all leverage (since there are other 299.999 people waiting in line for a job).