Let me share a slightly more negatively painted picture of the consulting industry - but it's the real one in my opinion.
Looking back, consulting industry and the top players definitely lost their glamour and exclusivity. Please bear with my if I simplify a bit, but it's more to give you the general picture than being overly precise in details.
Historically, most of tier-1 consulting firms had a strong focus on strategy, since it is/was considered as the supreme discipline in the field. However, most clients were not able to consistently implement the strategic advice, and after a few niche players also the tier-1 firms started to move more towards implementation support as a follow-up of their strategy projects.
Given the more detailed scope of projects, also many boutique consulting firms made their inroad into the large corporate segment, and together with a more competitive 'tender' approach many of those smaller, more focused boutique consulting firms could steal nice projects from MBB.
Apart from a few big scandals (thinking of McKinsey insider trading and the like) the industry survived rather well until now, luckily.
However, the consulting industry lost a lot of it's attractiveness for candidates. Google, Amazon and the like siphon away top candidates, and we need to see how that developes over the next decade. If candidats have highly valued skills (especially in digitalisation/transformation) they don't necessarily want to work extremely long hours and they don't necessarily want to have formal structures they need to report to (but rather prefer to work when and where they want). Just looking at business class seats nowadays, more often than not I see quite young and informally dressed people sitting close - and when having a short chat with them it usually turns out they are digital professionals (whereas some 'elite' management consultants are in economy). So definitely the war for talent is ongoing.
Having said that ... is the consulting industry still attractive for some candidates and is it one of the best learning opportunities to jump-start your career? Yes, most definitely.
Will there be a need for consulting firms in future and will they surive? Yes, most definitely.
Are getting times tougher nowadays? Yes, most definitely as well.
Hope that gives you a slightly more balanced view of the industry - if so, please give it a thumbs-up with the green upvote button below!