Come on now, what basis do you have to say that someone who is a generalist is unable to provide value to people through the software they write? Do people need to be excessively specialized to make something people will pay money for?

And for that matter, I could see the generalist programmer fairing better, because they don't lose the general theory things are based on while diving incredibly deeply into a narrow body of very specific knowledge. If the job/labor/consumer/whatever market presents some new area of need, they're in a better position to go learn and capitalize on it.