My friends who have been there for many years are overall very wealthy and continue to earn enormous amounts. So the pay continues to be good.

it's still ridiculously good compared to the alternatives, IME it's that a huge cohort of people came into tech during COVID and that was not a normal market. Now things are tightening up and the sense of entitlement is on display.

I've been doing this for a long time, and I remembering quiting my sales job to make 50% less as a developer, but I loved the work, the growth opportunities were amazing and playing the long game worked out.