This is a reflection of 1) compensation has come down since the ZIRP era at least in some roles and 2) it's a hirer's market. This means companies see an opportunity to bring compensation down. I wish employees would instead have an opportunity to sign up for lower salary. For whatever reason you just don't see that happening anywhere
I've taken pay cuts twice in my career, but both times it was at unfunded startups and it was more of a "we'll get you back for this later" (one did, one did not). I worry that normalizing the idea that a company can make you an offer (that you can't refuse) of lower pay, with the alternative being that you get fired, would set some really bad precedents. Companies would start to min/max this process and would use it…
And the reverse? We literally just went through a phase where tech companies over hired like crazy, at ridiculous salaries. We had people remote working 3 or more jobs at a time. And yet, people still act like companies have all the power?
This stuff ebbs and flows. The reality is the value of your labour fluctuates, despite the inconvenience of that to you.