The equilibriums wouldn't quite work out that way. The companies would still hire the most capable software engineers (why not?), but the threat of being replac

The equilibriums wouldn't quite work out that way. The companies would still hire the most capable software engineers (why not?), but the threat of being replaced by cheap juniors means that they don't have much leverage and their wages drop. It'll still be grizzled veterans and competitive hiring processes looking for people with lots of experience. These things don't happen overnight though, it'll probably take a few years yet for the shock of whatever is going on right now to really play out.