well, when I graduated (less than ten years ago) there were only 32 accredited US schools…about four years ago there were some 120 schools giving ID degrees. Some even had graduating classes over 80 students.
Too many design students, not everyone can be a product designer. I think at this point the only way to control the situation is to organize a professional licensing exam. Works for engineers and architects.
For those having troubles finding a job, enter into as many competitions as you can and be very disciplined in process and documentation. The book “what color is your parachute” is an excellent book to read about interviewing if your a jr. designer. I still reference it as a reminder.