There's plenty of non ML software engineering to be done. Anecdotally a large proportion of interns want an "ML project", but only a small percentage of teams looking for interns are offering one.
Too many people going into ML could skew the supply/demand into making it a worse job option (more work, less pay), like game programming or academia.
There aren’t that many engineers with 10+ years of ML experience ATM, but there will be tons in 5 or so years. Chasing tomorrow’s trend is always more productive than chasing today’s, but of course the former requires predicting the future.
Too many people going into ML could skew the supply/demand into making it a worse job option (more work, less pay), like game programming or academia.