Reminds me of 2 years ago, I had an interview for this PM role, hiring manager was a senior from same school. It's quite a small software solution company. My salary was >5k, and he commented I was probably earning more than my peers. He felt I was overpaid and suggested a lower position with a lower pay instead.

My advice to these seniors, as others mentioned, please don't be salty and direct your anger/disappointment on these new hires. It's easy to discredit them, but it's probably wiser to reflect on your current skills and knowledge, and do take stock on your market value. You can do so by applying for jobs every few months, or minimally once (multiple applications) a year. By going through interviews and rejections, you'll get to know a few things:
1. Is your CV impressive enough to get interviews?
2. Are your skills and knowledge still relevant in the current market? You'll know during the interviews.
3. What do you need to upgrade to be relevant?
4. Are you underpaid/overpaid/paid fairly? More importantly, are you able to command a higher pay outside your current firm?
5. Is there a better firm out there for you? This will determine whether you just suck thumb and do your job obediently, or do things your way or you'll bring your talent elsewhere.