It's also worth mentioning that labor markets change. A lot of people working in Silicon Valley today weren't around after the first crash so they can't imagine how an engineer making six figures today with seemingly unlimited opportunities can find himself or herself making $0 tomorrow with seemingly few opportunities. But it has happened, can happen and will happen again at some point.
The no-talent temporary programmers are the ones who flood into and wash out of the market in crashes. If you have genuine talent, your time between employment is measured in hours right now, in days during normal times, and maybe in weeks during crashes.
This is probably true in just about any industry. But you're ignoring the fact that most people employed in tech don't have the kind of "genuine talent" to which you refer.
There are a lot of average/mediocre developers (who are not "no-talent temporary programmers") making six-figures building and maintaining run-of-the-mill CRUD apps at venture-backed startups who at some point are not going to be able to hop to another six figure job when their startup runs out of cash.