The role has absolutely been degraded. The SWE role has been distorted by the industry. The responsibilities have been eroded and all the potential specializations of it have been bundled together, including responsibilities that have nothing to do with engineering, and even so most companies will insist this is this "engineering" and demand that you adhere to it.

Ironically, the review process does not reflect any of this. You are asked technical questions as if you really are going to do any of that on a day to day basis, or even have that kind of mindset. The usual attitude that is expected has more to do with business and making profit rather than engineering good systems.