That really does sound depressing.
I remember when I applied for my first professional job in 2004. I didn't even want the job, I applied out of obligation to get unemployment benefits for another two weeks. So I applied to a senior engineering role, as a grad, and somehow was given an interview. I didn't get the role, but they called me back to say someone else more junior had just quit and offered me her position.
Much easier times for new grads.
Side note: one of my colleagues there had a new baby. This week I learnt that baby has just had a baby.
Time really does fly. I’ve been doing this long enough to watch several junior developers become staff engineers.