The ecosystem changed a lot, as it always did. Many youngsters learn that single language works everywhere, learn that server and frontend may share their code. If they end up using Rails they likely spend more time in their react files than anywhere else.
The reason why I don't find nice RoR jobs anymore is because most of them are looking for a react/Vue developer with rails skills and not the other way around.
Also I am not sure why you think there should be cheaper Devs. Cheap Devs means unskilled labor, which means a less optimal code base. The situations I built RoR apps for always had a high testing, optimization, quality standard and liquid development process, essentially using all the strengths rails has to offer. why they choose rails in the first place.