While we're not in a recession, I agree with your point. It sucks for the people it happened to, but the big tech layoffs so far have been minor compared the headcount growth the last couple of years. Economy wide, unemployment is at record lows. Step outside big tech and companies are still struggling to find talent.

There's also an argument that big tech keeping a bunch of people on payroll when they don't need to slows down overall growth in the industry as it makes it harder for startups to find talent.