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Market is brutally hard right now.
Bowl Leader
Internships have always been part of graduate program. It doesn’t matter what your experience level is. I took an internship when I did my mba way back with 4 YOE of pre MBA experience . Some were even unpaid.
Return offers were never guaranteed.
Startups are a great experience. I think it is very worthwhile jumping through the get that.
But job market is indeed very bad, but perhaps not in the context of what you are describing
I don't disagree! But this particular opportunity was an internship that people who already graduated also applied to, and it was a lengthy multi-round process: recorded behavioral answers in the written application; a 1+ hour interview; and a take-home assignment with high expectations.
Compared to prior years, I didn't expect that so many people would be willing to go through this intense of a process for this opportunity.
I took an unpaid internship for exposure and resume building reasons exactly 20 years ago.