I was just talking to a buddy about this the other day. We used to get steady work a few years ago, but it's much harder now. We would bid on Upwork (then called Odesk) and later People Per Hour, and we would get work easily. Now, it's all terrible. The job descriptions are too vague (meaning you risk scope creep and inadequate budgets if you bid for these jobs) and you are more likely to find a scammer than a legitimate client.
It is all so frustrating now.
About why I think this is the case, I think the pandemic opened up this world to more people and with the world economy how it is now, many more people are freelancing as a side job. Also, more people are ditching traditional employment (sitting in a cubicle for 8 hours) and trying their hand at freelancing.
A personal anecdote, some of my friends who are not in the freelancing world are surprised that I work 8 hours a day like I would at any other job. The only difference is the location and that I get to work from home instead of an office.