I already have several years of experience. I once had a salary of $73K as a mere intern, with no trouble getting hired years ago. But now? I moved states in the US after failing to finish a PhD and simultaneously losing my house, and the only job I've been able to secure is one in a warehouse, working graveyard shifts for less than a living wage. I've had interviews where the employer wouldn't even contact me back after they met me, despite being incredibly enthused by my credentials, my solutions to technical interviews, etc.
Maybe it's because the economy is so bad that even FAANG employees like yourself can't find work, and I'm just a recent graduate. Maybe it's because I'm trans. The reason doesn't even really matter.
The reality is that I'm struggling to pay rent, let alone the rest of my bills. The reality is that I had to flee my state, prioritizing safety, leaving one poverty wage job (grad student) for another. The reality is that many of us are fighting food insecurity and homelessness. The reality is that our field is so full of layoffs (https://layoffs.fyi/) that graduating with a computer science degree doesn't have the same job security it used to.
I constantly fight my own hopelessness. What employer would ever want me when they have an inbox full of candidates like you? I search for job opportunities and rarely turn up with postings aimed at candidates with recent-graduate experience. I've heard from friends around the world (e.g. Australia) that they're experiencing the same---and that they're also homeless.
So yeah, I agree that the search is fundamentally different than it used to be. It's bad out there right now.