How will one get experience if no one is willing to hire?
Does this mean all new graduates have to do is wait, watch and cry?
Besides that, if you still have time, internships are critical (some people count these as partial years of experience -- I think that is reasonable).
If you don't have internships or time to get them, then you're on a harder path of networking, finding contract work or a dev-adjacent job to get _something_ on your resume, and working on some portfolio projects (while applying to a lot of jobs).
Graduate roles are more about learning the ropes of corporate life than anything else, and understanding SWE on a larger scale and how to work as a team on big projects with _both_ financial and time constraints.
There is a large administrative overhead with fresh graduates and this is what organisations are unwilling to invest time with - especially if they know the candidate will bounce in a few years.
Most places I've worked which had graduate roles employed people who did their internships with us. They already knew how _we_ did things so the onboarding was very fast.