Manager Career mode - where have the regens gone?

Since the latest updates I have started three brand new Manager Career saves on Nintendo Switch 2 using Latest Squads.

At the end of Season 1 there are only a handful of 16–21-year-old free agents available. Previously there were hundreds of regen/free-agent players to discover.

I have also searched clubs around the world and there are almost no promising 16–17-year-old players generated at clubs either.

This has happened in three separate saves, so it does not appear to be save corruption.

This isn't just a balancing issue. Discovering regens and building teams around fictional future stars is the reason many of us play Career Mode for multiple seasons. Without that system, long-term saves lose much of their replayability.