[ARandomerDude]

> This would indicate that there is a severe oversupply of candidates eager to work in this industry.

Not the industry as a whole, but certainly there is an overabundance of people trying to land a job at very specific companies (FAANG, and a handful of others).

There would be an industry oversupply if this situation were widespread, but it isn't. The industry has a shortage, certain famous companies are the exception rather than the rule.