This is happening everywhere, all industries. If you're in a role that suddenly has a signing bonus, it means you can go somewhere else to get a bonus of your own. Keep in mind that they do this to draw people to jobs without competing on actual wages. They can suck it up and pay $1000 or gift an iPad to new hires to lure them in, but they won't increase the pay. My advice? Don't be upset over a new sign-on bonus. Find a job that pays better.
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Because management has no respect for the intellect of anyone with less than an MBA. They assume a little bonus is enough to hook people who have low self esteem. People are getting wiser and they know that it costs more than $15/hour to live these days. People who are looking for work are looking for more than a pittance. They want to feel appreciated and they want good health coverage for themselves and their families.
As for current employees who have stuck it out through the pandemic, often putting work before family and personal needs; They don't care. You are simply a body filling an empty slot on their org chart and from your question, you already know this. Until there is a tipping point where enough people stand up for fair wages and benefits, the 1% will continue to suck up all the wealth and more of us will be living hand to mouth. Most people are afraid of losing what they have so they put up with being underpaid and overworked. I'm just as guilty as the next person. I thought if I towed the line and played the game USBank would employ me until I was ready to retire. But I was dead wrong. Whatever algorithms they use to calculate your cost/benefit ratio to them is all that matters. If they think they can replace you with a younger, cheaper version of you; they will do it in a heartbeat. They have no understanding of Ethics. They think it's all about not cheating USBank but they sc--w the employees any which way they can. The worst part is the slow drain of your self worth. Annual reviews that set you up to think you are mediocre year after year so you are grateful for the 1% raise and a bonus that gets sucked up by taxes. They buy cheap on-line courses for training but you are so emotionally drained at the end of the day, you can't face the thought of sitting in front of a computer for another two or three hours only to realize you have not actually learned anything worthwhile.
I don't know if other companies are the same or not. But I know that's the USBank way. Get out if you can. Don't wind up in my shoes.