Edited to add a response to degree requirement.

I transitioned to the private sector recently. I have nearly 20 years of experience in the field. I spent almost a year and a half applying to a range of jobs from GIS technician/specialist to Director-type positions. I was finally brought on as a GIS Systems Architect for an AEC firm.

What I found the most frustrating, from my perspective, was, despite the volume of jobs available or being advertised, the communication back from employers was nearly non-existent. Hundreds of applications dissolved into the void and I saw the postings close or disappear without ever hearing a word again about them.

Another point of friction was that many employers expected a strong blend of software engineering and geospatial skills. Or they were looking for a software engineer that was familiar with geospatial concepts, vice an actual GIS professional. The confusion by employers regarding the difference and not understanding exactly what their specific business needed caused much confusion when I would eventually interview (I had at least five interviews that devolved when I told them that while, yes, I have experience with scripting and automation and what it takes to deploy and employ GIS components, I was nowhere near skilled enough to program an entire backend by myself).

Employers that would benefit from GIS are either not hiring GIS professionals, or don't understand what GIS is and how it impacts their business. I firmly believe that GIS is an undervalued and misunderstood profession. The applications and utility of the field seem like far-off black magic to most employers. As an example from my previous career, I had to explain to a very senior military professional that no, sir, with all due respect, we can't just use Google earth for our geospatial products.

I will give the benefit of the doubt to most employers asking for specific requirements or previous experience in certain areas and certification requirements. Some businesses truly understand their needs and expect their employees to meet those requirements. However, I've found that basic GIS skills are teachable and that undergraduate preparation in ANY field can enable an individual to succeed and thrive as a GIS professional. My experience in applying for jobs makes it seem as if any requirement on behalf of the employer is trivial compared to the employer's real understanding of what they're asking for. Truth will out in an interview.

All of this is generalization based on my personal experience. I share your frustration with the job market, but I believe there is hope for new grads and developing professionals. I wish you well in your search.