tl/dr old guy hubristically complaining about his industry becoming flourished with people prepared to work for less than him.

The arithmetic of winning aside. Nobody has the right to tell you what your product is worth, that's your reserved liberty. If you don't like the business model, don't use it.

Believe it or not, their are people who actually appreciate design and aren't driven by money. Just because a circle-jerk proclaims the industry standard to be $500/hr doesn't make it so.