The biggest reason companies can't hire right now is that there is more demand than supply. No matter how much you improve pay or working conditions, in the short term that only leads to talent moving from one company to another. If there is not enough people to do the work, there is nothing an industry can do to fix that.
Sure, most forms of education will increase the candidate pool in the long term. But in the short term there isn't much you can do to increase the candidate pool, you can only shift candidates from one company to another.
That's fair, I do think people expect instant solutions to these kinds of problems too often. But the flip side of that is I don't see too many companies actually investing in training, so this could remain a problem much longer than it needs to.
In my (admittedly brief) experience at a FAANG I also noticed there were some very menial tasks taking up engineer time. I'm pretty confident there is work to be done at these larger companies that could be satisfactorily accomplished by someone within their first year of training.
