The largest group of DS was non-ML/CS/Math PhDs who started panicking once they realized their future job prospects in academia were very slim and so they signed up for bootcamps and got jobs at places hiring DS by the hundreds. Many of the people in this latter group had no idea how to write Python outside of a notebook, generally just structured problems to fit into XGBoost, and when not doing that tried to squeeze resume-boosting-complexity into any problem the could find. They also tended to have a hilariously poor understanding of creating business value.
Nearly everyone I know in the first group has switched back to just being an engineer of some sort, typically ML or AI engineer. I suspect the small set of talented people from the second group will end up in lesser paying product analytics type roles or closer to product management roles, while the majority that don't bring much to the table other than a PhD will be slowly attritioned out of the field as companies start looking for the value different skillsets bring to the table.