I always wonder who these folks who graduate with excellent STEM degrees are who can't land a job.

I had a similar experience with my graduating class in undergrad computer science at a no-name state university. Of the graduating class (significantly smaller than when we started), I don't know of a single person who couldn't find some kind of gainful tech related employment - including the few folks who somehow could not code! by the end of our program. My experience is circa 2014, so only shortly after the great recession.

Where are these people who just can't get any kind of work with real CS degrees? Even the many hardcore cheaters I know of found ways into the FAANG (some have been promoted several times now too!)