There isn't a shortage of software developers. The pay isn't great--the kids getting $300K packages out of Stanford are an exception; it's a marketing expense. In fact, if you control for the level of intelligence it takes to be any good, SWEs make less (and get far less autonomy--do you think lawyers work on Jira tickets?) than any other professional, and they hit a salary/challenge plateau quick... after which, the…
Cry me a river. Software development is some of the easiest, highest paid work in history. The majority of the population is grinding away in tough physical labor or abusive service jobs getting paid pennies while software devs moan about only making low six figures and getting a few boring jira tickets while they sit in their home office reading hacker news for half the day.
This race to the bottom is how software devs will become the new "teacher shortage", and how wealth will continue to funnel to the upper classes with those on the lower end unable to climb up.