It's always been difficult for new grads to get jobs. Most new grads are a net negative for the first year or two because they're just not good at much and probably don't have the domain experience for their role. This was true 10 years and and it's probably worse now as the field has been flooded with people who don't actually enjoy doing CS and are doing it for money.

Companies will still hire new grads, but are being much more careful because the quality of new grads is just so low now. Even "experienced" engineers are having a hard time getting hired because they're honestly not that good but got in when the market just needed bodies. I think hiring is broken for people with more experience due to this.

I do feel bad that people went down a route believing there will be a career down the road for them. I do believe what would help is some sort of licensing. It would add an extra barrier, but there really needs to be a gate to prove some sort of competence because there are now way too many people in the industry who just aren't that good tbh. It's ruining the whole thing for people who do have drive and passion that now can't get in the door due to the skittishness of companies.