This is the nature of tech now (perhaps the whole time due to being a relatively "new" field). Most people don't have the slightest clue what they're doing beyond their ability to parrot buzzwords. Mean? Sure. Reality? You betcha. It's incredibly rare these days to encounter truly competent professionals. Most are just hoping the guy below them doesn't know enough to spot their shortfalls and speak up. This aligns sh…
So where do they all go (I doubt the number of grads is doubling)?
I think a lot realise that programming is not their bag and move into account management, IT support, Business Support, or even other career's entirely.