In the 1990s, there were a few hundred thousand good programmers. In the 2020s, there will be a few hundred million good programmers.
I agree with the other comments: programming is no longer a good career to make money, but it’s become an essential requirement of many overlapping professions.
I charge $100 / hr. There are people on upwork who are much better than me that charge $20 / hr. The market forces will quickly play out.
There is not a "few hundred million good programmers" right now. As of 2018, there's only 23 million software developers worldwide total, let alone whatever you qualify as being "good".
From my experience, I'd guess that the percentage of "good" programmers is probably maybe 30% at most (and that's probably being generous). If so, that would mean 7 or 8 million "good" developers out there. At least two orders of magnitude lower than your claim.
"According to a study by EDC, as of 2018, there are 23 million software developers worldwide. This population is expected to grow to 27.7 million by 2023."
I agree with the other comments: programming is no longer a good career to make money, but it’s become an essential requirement of many overlapping professions.
I charge $100 / hr. There are people on upwork who are much better than me that charge $20 / hr. The market forces will quickly play out.