Unfortunately, a large part of this is true. While it is valid that the majority of the H1 axing has been for IT consulting companies, I have seen cases of BSchool graduates getting their H1B visas rejected after getting offers from MBB. It is more common than what it used to be.
Further, the RFE process has been extended to significantly more internationals than it used to be in the previous years. I keep hearing about a 3X-4X increase in RFEs. While most of them get settled, many of them lead to a H1B rejection

Would love to know what
ENGRTOMBA2018 thinks of this considering he has peers who just went through the process.
Sorry for delayed response. There have been very mixed results for folks I know of. RFEs have def increased (anecdotally) as well as people not getting in the lottery. I have been advising people (consultants in particular) to look at Canadian offices and then ask their companies to bring you back in a few years later. In addition, also suggesting that people look at Canadian PR application process as its a lot more quicker and transparent than the one for US green card. Apart from that, I dont know much about H1B as I have never had one or will have one. Its def getting difficult but then these things related to immigration come and go in cycles with each new administration. So being patient can def serve people well.