This is still the case and all the money is sucked by the management that is growing faster than the developers and just stratifies slowly. Another important point is the one of countries want to control a domain before even beeing big players in it. Look at LLMs and the recent European legislation. This mean that not only companies will be chilled from starting anything, but that the people that could have made that possible will just go elsewhere. In some European countries there is also a caste system where you need to be coming from a specific kind of school (or in some companies a single school usually the same as the C-suite is coming from) to even be considered as hireable. Starting and maintaining a company is also extremely difficult in some European countries where the paperwork, tax and permit burden is just incredible compared to the U.S.
