They are so bloated that I can guarantee that those picking up the slack will work way more for the same pay.
Fuck, I swear some people seem like they don't understand what is happening in the industry.
Layoffs where I worked resulted in something very simple: roles like mine suddenly turned into 3 or 4 roles, with people having to work overtime on shit they don't have expertise, only for the directors plus to get chunky bonuses and us not getting even a raise in two years.
This bloat people keep talking about is actual valuable employees losing their jobs so that executives can line their pockets further.
The industry and the products are becoming more complex, which means you need more people. Companies of course think that 1 person can do the job of 3 and should be grateful if they can deal with rent anywhere near commuting distance.
The stance from the gaming community on layoffs has overall been nothing short of disgusting.
This is slightly off-topic, but to your point.
I did my mechanical engineering apprenticeship from age 15-21, i worked as a fitter and maintenance engineer, working on things like pumps, hydraulics, and big machinery. I was also trained in using lathes, shapers, milling machines etc etc.
I had three other friends at the time; 2 were electricians, and another was a boiler maker; He worked with metal making etc., welding, cutting, etc.
A few years later, they started doing away with teaching solo electrical and fitting technicians, instead combining the trades into one multi-classed journeyman called a millwright.
Boilermakers then got combined with plumbers.
Most of the companies were now only hiring millwrights, not wanting the solo classes anymore, and yet the pay only went up a small fraction.
They expect people nowadays to sometimes do like 2-3 jobs for 1 person's pay.