What if you been running a freelance consultancy for 15 years or so, but have very few references from clients available due to seldom interacting with anyone on the client side with meaningful technical experience.
Let's say for example your consultancy works with primarily physicians directly, or wealth managers, or attorneys - people who are not incapable of understanding technology, but have hired you precisely because they don't have the spare bandwidth to get into the weeds of another complex technical domain in addition to their own, and would have absolutely no idea how to comment on your understanding of algorithms or ability to function a small develepemt team as an IC, etc.
I've never seriously considered trying to parlay my experience into a mainstream developer role because I assume that in a sea of 100 applications all having a similarly recognizable list of roles and references, anything that doesn't fit this model is ignored because it's too much trouble to to make a side by side comparison with the rest of the candidates.