alt Hacker NewsThe problem is that praying that someone stumbles upon your brilliant hobby projects and offers you a job is a terrible bet. Yes, you have to be good a software development, but being good at software development doesn't land you job. Being good at software development, and cutting through the noise gets you a job. Because even if all those laid off people are incompetent, they're still applying for the same jobs you are, and it is very difficult to identify who's who.
So, from a individual's perspective, figuring out how to meet people who will help you sidestep the "unwashed masses" pile of applications is probably the next most important thing after technical competence (and yeah, ranking above technical excellence).
> and it is very difficult to identify who's who.
That's exactly what the portfolio is for. Having an actual body of work people can look at and within a couple of minutes of looking think "wow, this person will definitely be able to contribute something valuable to our project" will immediately set you apart from every applicant who has vague, unreliable credentials that are only extremely loosely correlated with competence, like university trivia. You do need to get as far as a human looking at your portfolio, which isn't a guarantee on any given application, but once you get that far your odds will skyrocket next to University Graduate #130128154 who may have happened to get human eyes on their application but has nothing else to set them apart.