Another factor is that in the golden wave of hiring that ended (1500 and a pulse) there was a relative scarcity of 1500+ pilots. Since the Captain shortage hit, theres'been a growing glut of 1500+ hour pilots with no 121 job offers. Regionals have thousands of applicants in the pool, and the numbers are swelling each month as 135, CFI's, etc. continue to accrue hours.

Even if FO hiring increases again, it might not be felt by most in the applicant pool.