The term unicorn was becoming popularized. VCs were always around, but the fantasy of building a billion dollar company didn't quite exist, and nobody understood why some of these companies were raising so much money. Tech companies would hire a team of 5; over a hundred was unheard of here.
I think today, you can take it for granted that if you graduate with a CS degree, the good jobs exist, but back then you just took whatever you could. There's just cycles in the economy when it's better to pay salaries than take a salary. Even with the waves of layoffs, I don't think we'll ever get as bad as things used to be, unless you're trying to get a job in web3 or something.
On the business side, the odds of making a million dollars with an acquirable business is much, much higher than the US. But the odds of making a VC backable unicorn is much lower.
Jobs also tend to lean that way - just do whatever it takes to deliver. Skill capped low. Salary capped low. Expectations were low. What 99% uptime? The website has to come down for an hour a day for maintenance. There was a lot of untamed land for people who think things could be done just a little better. Also the era when some people were quitting jobs because they think things could be done better in Node.js or Rails than PHP.