That has more to do with an over supply of non job specific graduates and an increase in remote working making it harder to train people with no previous experience than the more recent issue of AI eroding need for entry level jobs.
Another factor at play here seems to be a culture change where young people are more willing to quit if not happy.
Generally considered a power move (often made possible by living at home) but grads take a long time to train and actually be independently productive, if a company is sees high turnover before they become valuable and payback investment then they are less likely to invest.
All very well putting in two years if you get six more out of them. If they leave after two that’s money down the drain.