Yes and if you've actually paid attention you will see that a high salary signals other workers to flood the market with a lower salary thus starting the race to the bottom :)

Programmers have largely driven themselves to zero, just take a look at the workers on freelance websites and how much difficulty a native English speaking freelancer has against an army of commoditized labor.

There are still six digit earning engineers and always will be but you can't look at that as a metric for the massive commoditization that has occurred with generic programming in the past 15 years.