In the long term, all these tech layoffs in a short time frame depress the wages of the entire industry. The industry has seen an explosion of value and until recently quite a bit of that value has been captured by workers and individual innovators, instead of capital investors.
It benefits capital to have high competition for these jobs, and a high cost of entry to independent market action ie disruptive products only being viable with access to large data sets and processing to deal with that volume of data. The workers underbid each other while the owner of the platforms dictate access to them.