Rates are up and companies are finding it difficult to hire people. Why this year?
1- Companies understanding that a good user-interface is a must for their product. HN crowd are known for being anti-JavaScript, but modern web-apps are incredibly powerful and useful. This means you can't make your back-end developer glue together a JSP and call it a day anymore. So front-end overall is in high demand.
2- React helped standardize the way we do front-end. Yes Svelt, Vue and Solid are all great. But the ecosystem and the ability to hire from a large pool of talent without needing to train developers on your niche stack is a huge benefit.
3- React is easy to start, hard to master. When interviewing you'll likely be seeing a 10:1 ratio of boot-camp grads vs developers who have dealt with complex React apps at scale. This means an experienced React developer can ask for a higher salary.
In comparison, Backend can turn bad sometimes, but a well designed, small Backend component can produce endless value and easy extensibility. I've never seen anything similar in Frontend.
Another reason: The trend today seems to be to offload most of the data processing to the client side, only using the server as a glorified database pipe. Naturally, this results in a higher demand for frontend development.
Unfortunately for the way we use the web, the frontend is not simply some two-way bound GUI, but is rather a remote folder browsing application that explicitly was initially designed with the page-load (or reload) as the only explicit mechanism for synchronization of state between the client and the server.
One company built an SPA in React, even though they have a handful of internal users and the app runs inside the corporate network.
There is an ultrahigh velocity of software rot in the FE/JS ecosystem.
Imagine Facebook releasing a next big WebAssembly+Rust-based framework, and now everyone will be either stuck with React, or will need to rewrite.
The market chooses the path to inflict the maximum damage/loss.