I think the point of the article was that it has nothing to do with how hard you work, or really even with entitlement. It has to do with finding product-market fit, where you are the product.
His argument was twofold. I think you're right in that he touches on the effects of supply and demand in relation to job availability. However, he also touches on the fact that you need to work hard and "make yourself valuable" in order to find employment. Therein he argues that most people don't put in the necessary effort because they believe that they are owed or are entitled to jobs.
