I think a lot of engineers are in for some level of rude awakening. I think a lot of engineers havent applied some level of business/humanities thinking in this, and I think a lot of corporations care less about code quality than even our most pessimistic estimates. It wouldnt surprise me if cuts over the next few years get even deeper, and I think a lot of high performing (re: high paying) jobs are going to get cut. Ive seen so many comments like "this will improve engineering overall, as bad engineers get laid off" and I dont think its going to work like that.
Anecdotal, but no one from my network actually recovered from the post covid layoffs and they havent even stopped. I know loads of people who dont feel like theyll ever get a job as good as they had in 2021.