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.