The bull market of 2012-2020 is likely not going to be repeated again, I think a LOT of people are out of touch and many spent their entire careers in this conditions. Being able to up your salary every 1/2 years due to skills demand whilst stocks go to the moon has put a LOT of people out of touch.
A lot of boomers got caught out like this in the semi-conductor bo-m of the 90s and the DOTCOM bubble. I have seen companies that exploded in this timeframe and then after the bubble popped got stuck and every year the engineers thought maybe next year things will get "back to normal"
15 years later and those same people are still driving the nice BMWs and Mercs that they bought with their stocks and haven't been able to upgrade since because their mortage was taken on projected future earnings rather than their current ones.
I think a LOT of SWEs are in for a rude awakening as to how cyclical tech can be. There will always be skills demand but the supply is huge now with everyone and their mother getting a CS degree. They may remain employed, but doubling their TC every couple of years was not normal or even being able to replicate their Google TC may never happen again in their career.