AI is just the disguise. It's the economy, just like it is in every recession.
And 'The economy' is just the disguise for getting rid of expensive workers and hiring cheaper workers elsewhere in the world.
AI is definitely a solid reason. Even a 10% increase in developer efficiency translates to roughly 9% fewer workers needed to do the same job. For AI to be cost effective, it must reduce headcount.
AI is genuinely good at hallucinating. So is middle management. Probably displacing some of those jobs.