The issue is that a lot of these people may have to take pay cuts and make less than what they were previously earning.
Especially if you were L4+ at Google or something. Not many companies that'll pay $350k+ for a software engineer. Those that will are not currently hiring.
From a super lame C# dev at a boring company in a flyover state that's never gotten stock comp-- I used to fear a collapse in big tech that would cause an influx of skilled devs flooding into boring companies and displacing mere mortals like myself. Now that it's actually happening I'm very amused at how unemployable the SV cohort is to normal companies. To them you're all annoying overpaid assholes that whine about tools and process instead of just doing work. They've got 10 years of experience with ephemeral front-end frameworks, while the companies still hiring deploy Java and build UIs with XML.