The high salaries commanded by FAANG engineers right out of college motivated a lot of students to take up computer science as a major and this led to a massive oversupply. It might take a few years to cool.
MIT graduates are not going to be struggling for anything, much less for new grad jobs. They're among the most privileged humans to exist on earth by nature of their degree and admission.
I appreciate your point, and don't necessarily disagree. However, I think it is rough out there even for ivy graduates.
We have an intern from an Ivy (not MIT) that isn't getting an offer simply because my company doesn't want to hire in the US right now. They are great to work with, knowledgeable, but have no future here. They have been shopping around, and a lot of people on the team have been trying to find a place for them to go in their network, but no one is biting.
This kind of "nothing can happen to this group because they have these advantages" line of thinking has causation backwards. They are privileged because they historically haven't struggled. The privilege doesn't preclude struggle, the privilege results from lack of struggle in the past. Times change.