Yes, and generating more revenue would tend to instead demand for your skills, no?

That's actually kind of the point.

Managers have been pretty much in control of the narrative about what's happening underneath them when relaying to up the chain, and therefore they could overstate their own self importance -- when really it was the people under them that came up with the ideas, found the savings, made the efficiency gains happen... etc etc. (There are many managers that are good, but there are a god awful lot that are bad.)

So now in 2021, people have figured out they like having their own private bathroom, and a 43" monitor on their desk (because the company won't pay for it), and not doing the brutal commutes anymore.

The reality of the employee's true monetary value in a company is becoming starker and starker by the day.

No, and the inverse can also be true that a low-revenue generating skill might be in high demand. There are many factors which impact on this.

Also there is a difference between revenue generating and cost reduction.

That's precisely the problem facing society right now, isn't it?