I would contend that there is a shortage, but it is mostly for senior level people who may have some niche experience, which is true of almost any field. But for your run of the mill jobs, you don't necessarily need this. Most people, by definition, are average.
Oh, and companies don't get a free pass, either. Many of them what a top 1% coder for bottom 50% wages if at all possible.
Lastly, if there was such a shortage, we'd see companies hiring people that didn't have their "required" experience, but had a couple operational brain cells that could be coached up. I saw this during the dot-com boom.