Same thing happened during the dotcom boom/bust. Newly-minted MCSE (Microsoft Certified Systems Engineers) were coming out of the woodwork with almost no real experience, and immediately getting well-paying jobs ($80k-100k at the time). As soon as the bust hit, those certificates were worthless and those people moved away from the Bay Area in droves. They didn't have any real passion for the job, they just knew that they could make good money if they passed a few tests. We called them dot-com migrant workers, at the time. The traffic was actually pretty decent for 3-5 years on 101.
I assume the same thing will happen with bootcampers, because I feel like many of them that I've met lack the passion for CS that the better programmers have. I know a few bootcampers, a couple from HackBright and a couple at my work. One of the HackBright graduates never found a job and went back to her old job which was kind of depressing considering how much she spent. But the others were decent, not great but decent. But I would prefer hiring a good fresh grad with a couple of internships under her belt over any bootcamper I've worked with, mainly because of the depth of knowledge they would bring to the table. Let's be real, how much can someone learn in 12-16 weeks, compared to someone with 4 years+?
Newly-minted MCSE (Microsoft Certified Systems Engineers)
I had MCSE back in the day (my org wanted n of them so it could become a gold partner of Microsoft or something, and the perks such as MSDN subs and 10 support calls were nice).
What killed it was "braindumps", people weirdly undermining their own certification by posting the questions they could remember online, until databases of all the questions were built up, at that point you could literally just memorise the exam, or blatantly cheat in some locations. That was why it was worthless; but someone who had actually learnt the material the old-fashioned way would be competent.
I can't believe how much this looks like 1999. Remember "Will code HTML for food"? Prepare to see a lot of JavaScript developers hanging around the back of Home Depot...
I assume the same thing will happen with bootcampers, because I feel like many of them that I've met lack the passion for CS that the better programmers have. I know a few bootcampers, a couple from HackBright and a couple at my work. One of the HackBright graduates never found a job and went back to her old job which was kind of depressing considering how much she spent. But the others were decent, not great but decent. But I would prefer hiring a good fresh grad with a couple of internships under her belt over any bootcamper I've worked with, mainly because of the depth of knowledge they would bring to the table. Let's be real, how much can someone learn in 12-16 weeks, compared to someone with 4 years+?