Earlier quoted context omitted.
I get your point but its not like recent grads have it super easy getting their first job; you have decades of experience interviewing (part of which is Leetcode which you have probably done many times); for them it's probably the first time doing this. On top of it all many places don't want juniors at all.
Actually, I never took coding tests, until a few years ago, when I was looking for work, at age 55. I quickly learned, that if I saw a binary tree test, I might as well give up. Even if I did OK, the company was not going to give me a chance. What I do have, is a ginormous portfolio, with dozens of repos full of ultra-high-Quality code, for shipping products, and over a decade of checkin history, along with hundreds…
1) Getting a job that pays well isn't that easy in most fields
2) Getting a job as a software dev in FAANG or somewhere else desirable to many devs is plain difficult; you are competing against dozens and sometimes hundreds of candidates, some of whom are pretty good. There is no real "dev shortage" for these companies, if anything there's a huge inflation of devs who are qualified and want to work for them.
3) The tech interview process sucks and almost everyone acknowledges this and hates it; just 2 days ago I was asked a riddle about how to measure 45 minutes when burning ropes that take 60 minutes to burn. That was freaking half the interview, the other half was a difficult array question. Looking at the solution now there's no way I could come up with it even on a good day. And the company was a run of the mill company most people haven't even heard of, not exactly a FAANG. I was interviewing for a team with a pretty esoteric tech stack which I am super qualified for - but alas I get stressed when confronted with boys scouts riddles in a high pressure situation - so I must not be worthy of the job.
What I'm saying is - I think we all suffer in this together, it might be a bit better for recent grads but not by much. In the next downturn you will have dozens of people who know you well and will recommend you and help you get a job - a recent grad has nothing and will be the first to be let go since most of them can't really produce much yet. I'd take being 50 something with 2 decade worth of experience and connections than being a recent grad now.