I think it’s more likely the boot camp type that are over saturating the market. Just supply and demand.
The big firms aren't getting rid of huge numbers of devs, most of the cuts are coming in HR, marketing, and administrative roles.
Start-ups have less funding, so there is going to be less hiring there. We may also see less start-ups in general.
I doubt the boot camps have created an over-supply. There aren't that many boot camps, and from what I understand, the majority of the graduates do not go on to become software engineers. They market based on a few successful grads, but those may be the stand-outs.
Bragging about "engagement", telling (self-inflicted) war stories about your overcomplicated engineering playground at the next AWS conference, churning through the latest languages and frameworks for no pragmatic reason, or virtue-signalling about "diversity and inclusion" used to yield endless VC money which is how a lot of companies and entire careers started, but nowadays it's back to good old "deliver things someone finds valuable enough to pay for, or die trying".
I don't think the software industry is in a recession.