I would put gross overhiring (and overpaying) which caused a positive(/negative) feedback loop and fomo ahead of the other factors. The pace and scale of hiring

I would put gross overhiring (and overpaying) which caused a positive(/negative) feedback loop and fomo ahead of the other factors. The pace and scale of hiring wasnt even justified by the rates / multiples which had been low (rates ) and high (multiples) for the best part of a decade.