I think everyone who worked in a large company would have seen this play out in real time and feel the same way, I think tech is just the latest example and the one that has pushed it quite far because it gets so much outsized investment based on growth, and growth is tied to hiring and staffing up

Eventually you get big enough, and you no longer need to be lean, you knock out the competition and no one is threatening your position so you can continue to bloat, I'm sure some of the layoffs we;ve seen is in the bs job category though, they would likely be the first to go, but some might have their claws deep in management and would sooner see core fuctions leave than their bs department lol