Probably something about margin vs volume. One complicated transaction that could net a huge profit vs lots of smaller transactions that result in less overall profit despite same cost.
He'll ive seen legit businesses get burned on the same mindset. More than once. It's just in the legal transaction space, the risk shifts more towards 'delivering a crappy product' than, say, 'your employees get arrested' when you are forced to hit a deliverable.
I have a few thoughts on this:
First, the tech boom of the last decade, made it REALLY EASY for a lot of folks to get into the industry. Unfortunately a lot of bad managers and the like got their tendrils in during the process and boondoggles are a lot more frequent, leading to less room for productive devs.
Second, the change in tax rules has led to having to manage developer cash flow differently.
As far as bifurcation, if anything we are regressing in that regard. More than one company I've seen has tried to get rid of QA by turning them into another role, typically engineer (and guess what, that usually means engineers now also double as QAs)