Work is habit for most.... those habits have been broken.
You are EXACTLY right.
People have also figured out that keeping up with the Jones’s rat race is not as important as it seemed. A good number of service industry jobs were staffed by people who that was their second or even third job part time. All those people have realised work life balance was F’d up. Leisure has value as does family time and travel. Also a good number of people have gone into the “gig” economy and also the grey and black economy. There is also a structural shift in the workforce. People who were waiting tables found out they could for the same money or better answer call center calls at home. Same goes for the person cleaning hotel rooms or scrubbing floors. Even low skilled jobs like data entry or medical coding can be done from home by former retail sales or customer service types. The job paradigm that existed in 2019 is over. Plus a lot of boomers retired early and also reached retirement ages anyway over the last 2 years.