It's not just software engineers. This also happens with skilled labor, like machining. You used to be able to get hired and taught on the job, now the employ

It's not just software engineers. This also happens with skilled labor, like machining. You used to be able to get hired and taught on the job, now the employers expect you to pay your own way through a technical school for several years before applying for a minimum-wage job. So you've got (a) lower wages (b) you need to pay to educate yourself (c) you need to pay to support yourself during those years of training and (d) you're guessing which job skills are going to be in demand after N years, so after spending the time training and taking on debt there might not even be a job waiting for you.