armchair economics: tech businesses are funded in large part by capital markets, so the layoffs are capital holders crunching the numbers and realizing that they can't afford as much human capital (smart people) as they could when interest rates were low.
This may be good because low interest rates encouraged malinvestment in tech & tech-adjacent firms burning money on blitzscaling (uber, etc) & speculating on revolutions that weren't ready (Metaverse).