I'm young, so a lot of my experience is mainly from being a kid/teen that was enamored by the tech industry, to joining in on the tail end (early 2010's).
In the 90's/2000's, the tech industry was seen as the place for visionaries and the hard workers who were there to change the world, to make it a better place. Google had the motto "Don't be evil", and wanted to make all of the world's information easily accessible. Apple was for the perfectionists, the artsy-tech crowd, Facebook was there to connect people, etc.
But as those company's (and the industry) matured, those dreams were pushed to the side. As these companies grew, it became about shareholder profit (because remember, company's have to operate in the best interest of their shareholders legally, which means protecting and increasing their wealth). As such, those visionaries at Google who were making the world a better place by making information accessible, now collect data and advertise to the world in, objectively, unethical ways. Those at Facebook who wanted to connect people from all over the world to build communities and promote discussion, now just grab as much data as possible to promote hyper-targeted ads.
The industry matured, interest rates rose, and VC's became more picky with where they spent their money. As such, these smaller slights against users and employees had to be accelerated in recent years. Teams and even entire departments were laid off, the quantity of ads was increased, while the quality decreased, free services locked behind paywalls, all in an effort to save money to meet a 5% profit growth that quarter.
Tech workers are no longer viewed as the world changers leading the company's vision for greatness, some execs view us as an obstacle to their revenue goals. We're a liability that needs to be mitigated, and layoffs are an easy way to do that.
Ultimately, we've all become kind of jaded to the tech industry. It's no longer about making the world a better place, it's about money, and we're not in the club.