Games would go on sale for example 50% off and people would buy them. Then they would have a flash sale for 90% off. People who bought the game for 50% off then refunded and bought it at 90% off. This resulted in lots of refunds steam had to process. Since they couldn’t get rid of refunding games they got rid of flash sales.
Its mostly just increased reporting. Tech companies overhired when when they were doing well during lockdowns and are laying people off now that the increased revenue didn’t hold indefinitely.
https://layoffs.fyi/ has been tracking layoffs in the tech sector since covid and the charts show how much more layoffs there were in 2023 (particularly January and February). It seems like the biggest change is that now every time there is a layoff it gets more news coverage.