A Ph.D.'s worth of first authored NeurIPS/ICML papers will get you a very good job pretty easily still. But AI slices papers very thin and author lists are inflated relative to other subfields of CS. A single paper in one of the major conferences is a pretty marginal contribution, especially if you're in the middle of a long author list.
Also, NeurIPS reviewing has gone to absolute hell. I mean, peer review everywhere has problems. But I've never seen something quite this bad. At this point I think it's safe to say that most reviewers wouldn't even make it to an on-site interview for a faculty position at a research university. That's definitely nowhere near normal. You can't really blame anyone, I guess; the community is growing way too quickly for any real quality control.
Frankly, I think those conferences have outlived their usefulness as anything except marquee marketing events. I'm now mostly attending smaller and more specialized conferences.
I've gone in a similar direction. Only at smaller conferences can you have any kind of confidence that your reviewers are people with actual expertise in the field. That's pretty useful, not only because it makes it less likely you'll get reviews that are very annoying, but also because a review by a knowledgeable person can be genuinely valuable. The big conferences are full of reviews written by 2nd-year grad students, because with this many submissions, any warm body with anything approaching credentials is needed.
Besides just "quality" in the general sense, one thing this has really hurt, I think, is any sense of history or continuity. There are a ton of reviewers who have basically no familiarity with the pre-2010 ML literature, and it kind of shows in both the reviews and the papers that get published. I mean I get that deep learning beats a lot of older methods on major benchmarks, but it's still not the case that literally every problem, controversy, and technique was first studied post-2010.
Also, NeurIPS reviewing has gone to absolute hell. I mean, peer review everywhere has problems. But I've never seen something quite this bad. At this point I think it's safe to say that most reviewers wouldn't even make it to an on-site interview for a faculty position at a research university. That's definitely nowhere near normal. You can't really blame anyone, I guess; the community is growing way too quickly for any real quality control.
Frankly, I think those conferences have outlived their usefulness as anything except marquee marketing events. I'm now mostly attending smaller and more specialized conferences.