Indeed it did; I remember those times. All else being equal I still think SWE salaries on average would of been higher if we kept it like that given basic economics - there would of been a lot less people capable of doing it but the high ROI automation opportunities would of still been there. The fact that "it sucked" usually creates more scarcity on the supply side; which all being equal means higher wages and in our capitalist society - status. Other professions that are older as to the parent comment already know this and don't see SWE as very "street smart" disrupting themselves. I've seen articles recently like "at least we aren't in coding" from law, accounting, etc an an anecdote to this.

With AI at least locally I'm seeing the opposite now - less hiring, less wage pressure and in social circles a lot less status when I mention I'm a SWE (almost sympathy for my lot vs respect only 5 years ago). While I don't care for the status aspect, although I do care for my ability to earn money, some do.

At least locally inflation adjusted in my city SWE wages bought more and were higher in general compared to others in the 90's-2000's than on wards (ex big tech). Partly because this difficulty and low level knowledge meant only very skilled people could participate.