[aniket_ray]

The reason is the world does not need so many mediocre designers.

With internet and social media, companies can interact with designers much more effectively and fewer designers are needed to do the same amount of work.

So the supply side from designers is high, while the demand side is low. So the consumers can pay arbitrarily low rates. Once the not so good designers and designers who do other things just as well (high opportunity cost) move to other streams. The supply side would start having a higher say.