Problem is that the supply and demand curves are shifted by four years. .Basically the best paying specialties today will have ample supply of engineers when todays HS graduates finish colleges. So if you want to do engineering, do what you like the best, not what is the best paying right now.
Anyway, engineering surfers from H1B problems. Basically catch 22. Since there are not enough engineers, government imports a lot of foreigners, who then depress the wages and so create shortages of young people going to engineering schools.
But, still, engineering is good way to earn money!
That is if you assume that most kids are making choices based on which degree will provide them with the best income. Out of about ten college age nieces and nephews this is the only one who went after a degree where she got any job offers immediately after graduating... The rest of them all pursued basically worthless easy to get feel good degrees. And you are correct... almost all of her competition was from foreign kids.