I'd also say it's a mix of not having the best company experience in the world (even the larger ones I worked for didn't use cutting edge tech), not having enough war stories about times of adversity, and having to compete with both top tier engineers from FAANG companies and liars just using AI to make up everything.
But based on other people's experiences, it seems like some people get way luckier than others in this job market. I know people who've gotten a job in a week or two without any hassle and others who've been out of work for months or years now. One of my friends had probably the best luck I can imagine in that regard; they got laid off from one job and then a week later found a job in the same exactly industry doing the exact same thing at approximately the exact same salary range. They went from designing brochures and posters for medical companies at one company to designing brochures and posters for medical companies at a direct competitor.
But yeah, it seems like a very tough market right now, and one where success pretty much depends on the stars aligning in the right way.