Companies over-hired in 2021 assuming that their COVID metrics explosion would persist, but they didn't. We saw low attrition for years, and a low-hire/low-fire employment environment. Then the time came to pay the piper.
The tech everything's-hypergrowth era is, for now, over. Most of the low-hanging fruit that we've collected for the last 20 years of bull market (putting tech into every business) is gone, and companies hired in advance of having the next business to overlay on their current ones. For many that didn't materialize.