True for big tech in the last decade. But I think the rationing that mattered happened earlier, when these products were small. By the time they could afford to overhire, the shape of the product was already set.
Of all the bits of software from big tech companies that I use/encounter, there are very few that I would say are better now than they were a decade ago. If anything, I think most of them were better a decade ago than they are now, and I don't think that's a particularly uncommon opinion. I think there's a good argument to be made that any "rationing" then had a positive effect on software quality (at least when compared to the lack thereof in the "post-rationing" era), and that should be a very cautionary tale that a massive increase in software written by AI tools is likely to result in much worse products.