It is. And since most don’t get into med school* they flood the job market, which has precious few positions to begin with because research-based jobs would require a higher degree.
You can major in anything and be a premed, choose a major with good professional outcome as a Plan B.
*60% med school applicants dont get into 1 single med school. Those aren’t 60% from all the freshmen premeds, but rather the top students from organic chemistry, who themselves were the students who made it fine through General Chem1&2+ General Bio1&2.