As long as the demand for skilled programmers stays as high as it does, I don't see this alleged "bubble" popping. And it does not seem like software will stop

As long as the demand for skilled programmers stays as high as it does, I don't see this alleged "bubble" popping. And it does not seem like software will stop eating the world. In fact, as someone (I think it was Marc Andreesen) said, we're just at the "end of the beginning". Software is in the final stages of eating the media industry and will now progress toward heartier fare. This will be accompanied by further growth in programmer demand - specifically, programmers with skillsets which are niche right now. Even as CS enrollment reaches an all-time high, I do not believe the supply of developers with appropriate skills will come anywhere near the demand in the next few decades. So, no I do not think this can be called a bubble - except in the specific case of FAANG workers. They might see their salaries go down in the next years - but programmers as a whole are unlikely to have a hard time finding jobs with decent pay in the foreseeable future.