It is sad but also was inevitable. The market could only sustain $150,000 a year salaries for grads fresh out of college for so long before someone somewhere along the way ran out of money.
With rates going up there are places besides tech people can hope to park their money, the VC funding is going to disappear and with it some of the distortion of the market for developers. Just a reminder though this happened before in the 2000s with the dotcom crash, things worked out the world kept on spinning, society didn't collapse and many engineers were still able to eventually get new jobs and provide for their families. It will happen again.
With rates going up there are places besides tech people can hope to park their money, the VC funding is going to disappear and with it some of the distortion of the market for developers. Just a reminder though this happened before in the 2000s with the dotcom crash, things worked out the world kept on spinning, society didn't collapse and many engineers were still able to eventually get new jobs and provide for their families. It will happen again.