I think the thing to remember is that with interest rates being essentially 0 during the (middle/end of) pandemic that made it really easy for a lot of companies to finance a virtually free checkbook. They were at liberty to try out all sorts of new experiments, virally for free (at that moment).

Now those bonds are all coming up for renewal at much higher interest rates, and the companies don't have the growth to organically support the higher head-count (in addition to the interest payments), and so are cutting.

Was this all wildly irresponsible? Yes. But the people who made those decision are never going to personally pay for any of it.