Where will all the laid off tech workers go?
The theory they seem to touch on is that while tech worker salaries were inflated, tech workers only worked at tech companies. If salaries come down a bit, technology and innovation might become more accessible to non-tech companies. Think efficiency improvements at companies that previously didn't invest enough in technology.
I think that actually happened was, the market salary for an engineer was high because they only worked at companies who could make the most profit from each engineer they hired (social media, big tech). Maybe we've milked those verticals dry?
It's an interesting idea, I have no idea whether the data actually backs that up or not. Are there restaurant chains who could become more profitable if only they had more software engineers? Some manufacturing vertical(s) that are underserved by IT staff?
I imagine the low-hanging fruit has already been picked in "non-tech" innovation. A company that recognized an inefficiency would tackle that problem and solve it, not ignore it.