> Maybe if we get very lucky, it will go back to a relatively few passionate people building stuff because it is cool?

This is a really narrow way to look at it and define it lucky. What you describe will absolutely be a shitstorm for everyone - passionate workers and non passionate alike. Management doesn't care about your passion, it cares about the bottom line. Lots of folks will get fired - passionate people as well, or see their salaries cut and their job security evaporate. There's no winners in the scenario you described other than the employers.