I’m sure there have been times in programming history when there were insane demand, especially in the early days, and especially in certain fields. Without doing a broad sampling (then and now) it might be difficult to come up with a valid generalization.
I think the more important point is that the current job market is doing very well. I mean, as for my anecdotal story, I was a 48 year old musician with less than 2 years of FCC and self-teaching and managed to land a great job and a few years in I’m making - well, I don’t want to talk numbers but it’s more than I ever thought possible - my wife still doesn’t believe it and keeps jokily asking when she gets to quit her job. If someone like me can do that, then it must be a pretty healthy sellers’ market. #ymmv
It is a healthy market and it is expected to keep growing. If the pool of developer’s increases, wages may fall a little. But it’s also possible that the opposite will happen. I wouldn’t expect a wild swing in either direction for at least a decade or two, imho.