People are still hiring, just the bar is no longer absurdly low.
During the pandemic, everyone was hiring like crazy, and people coming out of boot camps were instantly hired even when they didn’t understand algorithms, didn’t understand system design, and didn’t understand engineering principles.
Now, you actually need to have a brain to be hired.
Tech is also not a bubble, because tech is in every single industry now. You might get froth in certain segments of tech (crypto, AI, whatever is the current “hot thing”), the market fundamentals are absurdly good. Operating margins of mature software companies are consistently in the mid 20s to 30s.