Techies make a lot of money compared to other professions because we genuinely produce a disproportionate amount of value, but that doesn't imply we're in a seller's market.
One way you can tell that there's no dearth of labor is that most companies round an "unsure" in the interview process to "no," not "yes."
I sugggest you ask a non-tech friend about their experience getting a new job: how many applications they've sent out, how many responses they've received and how many interviews they've actually been to. Then compare that to a software dev's hit rates.
I submit to you that a halfway decent software dev will have a hard time being unemployed: they might not get hired by FAANG and they might have to code in $LANGUAGE_I_HATE, but they'll be able to get a job at a reasonable salary.
Also, consider the fact that there's been a large number of businesses focused on recruitment specifically in the tech area. That's because everyone wants to hire devs and they're willing to pay recruiters to channel the funnel their way.
Few other industries have that luxury.
Somebody who's thought more and more clearly about this could write something better about it, but I felt like pointing out what I think is overlooked.
One of Google's biggest assets is their huge army of talented techies. I'd go so far as to say losing that would be an existential threat to the business.