No one said there wouldn't be churn. It's like if in 1999 a company had 10,000 webmasters - those roles are simply being phased out. New roles are being added and will be added, but they won't be the same or require the exact same skills, for better or worse.

Rapid technological advancement is always painful. Extrapolating that to "death of the industry" is awfully reductive and I haven't seen any signs of that. As others have pointed out, Big Tech layoffs have only reverted the shotgun-blast hiring of ~2020-2022.