This has never stopped working for me - I interview every year or so as a matter of course.
My experience helping others is that in a tightening labor market they are experiencing "small fish in a big pond" syndrome mentioned above.
Compensation for the bottom 50-75% of talent has dropped significantly since 2021* - if you are in that band and chasing the same comp you're dealing with the "small fish in a big pond" situation. If these people drop their compensation expectations back to 2017 levels many of them will find jobs much more plentiful - though the very bottom of the pool is being driven out of the industry entirely.
* this estimate pulled from conversations with engineering leaders and recruiters at large SV tech companies
