You're not wrong, but it's also so sad.
FAANG used to be the _dream_. Change the world. Work on groundbreaking tech. Solve harder problems than anywhere else. Get Paid incredibly well.
Then I guess a generation focused exclusively on that last part flooded the zone. I still believe that The Great Resignation of 2021 did more harm to our industry than COVID or any interest rate or VC changes.
It polluted the brains of most of the people in our industry from a missionary mindset to a mercenary, and it decimated big company's established cultural memory all to prop up a bunch of unicorns who will probably all slowly die over the next decade.
So now half of the people can't get a job, and the half that can are miserable. This was true BEFORE AI.
It's just a natural progression. When the company is a startup working on a new exciting tech it's chasing the dream and changing the world. When it's a behemoth employing 200k people, it's impossible for all of them to be chasing the dream. Probably like 90% of them would be doing extremely boring "keeping the lights on" tasks and ensuring this gargantuan machine does not go to pieces under it's own weight. It still can pay incredibly well, but it won't be exciting frontier work anymore. It just can't be, 200k people company can't move with the agility of 200 people company.