Every time someone's loses their job they experience some hardship, or at least disappointment, no question about that, though when it comes to tech workers it's hard to feel bad for them (us) because the other side of the equation is the ability to easily get jobs that are very well paid.

When laying off people isn't normalized what you get is an inefficient labour market, where companies can't adjust to market conditions and hiring people is too costly. That leads to stunted growth, and everyone loses.