The economics of providing every new grad a $150k TC offer just doesn't work in a world with the dual pressures of AI and async induced offshoring.
Heck, once you factor in YoE, salaries and TCs outside the new grad range have largely risen because having experienced developers really does matter and provides positive business outcomes.
State and local governments needs to play the same white collar subsidy game that the rest of the world is playing in order to help fix the economics of junior hiring for white collar roles. This is why Hollywood shifted to the UK, VFX shifted to Vancouver, Pharma shifted to Switzerland, and Software to India.