> But while the long-term downward trend is clear, the uptick in bachelor’s and graduate degree requirements observed between summer 2020 and early 2022 — when the US labor market was tightening, with demand for workers exceeding worker supply — is interesting. One possible explanation is that the increase coincides with a rise in quits and a spike in pandemic-driven early retirements. A sudden exodus of experienced and educated workers may have prompted a flood of backfill postings from employers seeking a close match to those workers who had recently departed.

or succinctly "some employers will tend to specify the highest level of educational requirement they think the current job market will offer".

Of course if Indeed had broken things out by specific employers or categories, it would be way more useful than just one stupid average.