I've discussed Elite Overproduction with some economists and the best way for me to conceptualize this in modern day is with software, UI/design specifically.
UI and design is weird. There's a saying in fashion "there's no new fashion, just cycled old ideas" and things have a trend cycle. UI have a similar trend, as we can see with IOS pattern update and icon update for Google: they're just new, but we can't really tell if it's "better". But UI designer still require busywork to justify their existence and salary, so we get new UIs now and then. Part of it just falls under the bullshit job category [1]
When we ponder upon this, it boggles down to the fact that it's notoriously hard to distinguish "value creation" vs "value extraction". If I invent a fridge and it become commercially available or cheap enough so that people previously not able to purchase it can buy it, it's fairly easy to see it as value being created. A duopoly diluting milk with water to increase the profit margin, a search engine monopoly intentionally worsening it's search engine so we have to search twice (=twice the use!), a white ware company implementing planned obsolescence but better UI, looks good on the profit and balance sheet but was value now created, or extracted?
Elite overproduction, though this scope, is not about some 1% but most "middle class and up" that doesn't really do anything meaningful (bullshit job, value extraction) in society but expects titles and yearly salary increase.
This is not an issue when a society genuinely have room to grow (value creation is ample) but when the growth is harder to come by, but new generation expectations haven't changed. Then more jobs are created to extract value, and the burden start to bubble up
[1] https://en.wikipedia.org/wiki/Bullshit_Jobs