I think your points make sense but you are forgetting that the demand for a certain skill isn't constant. So, while it's true that there are many people who can

I think your points make sense but you are forgetting that the demand for a certain skill isn't constant. So, while it's true that there are many people who can code entering the workforce, it doesn't imply software development being a poor choice of a profession if the demand for them is also going up. And from what everyone seems to be saying, the increase in supply has still not yet hit the demand.