We’ve seem this already happen to “mom and pop” web dev shops getting pushed out by the work of a handful of companies (Weebly, squarespace, Shopify).
Yet automattic is a 7 billion dollar company and wordpress runs almost half the web. Point being that if anything weebly and such lowered the entry bar for small businesses. Of which some are lucky and move upwards, driving demand for devs. I like to call such companies and tools facilitators. The more, the easier for non tech people to enter the digital business world, and the more demand for developers.
It just so happens job growth has historically exceeded efficiency gains. The equilibrium point seems close from my perspective, especially if there’s a shock of recession to hammer tech employment
Something like Docusign, once built out, could be maintained by a handful of people using serverless components. Same thing with Twitter and pretty much every other application.
For certain classes of work it is very difficult to hire even at the top of the market. There are positions my company would happily pay a million/yr to fill and simply cannot find anyone who meets the requirements.
The amount of impact an individual can have has never been higher
Someone who got their PhD researching databases who is also a very experienced software engineer.
A senior software engineer who's worked for a few years in the finance world, and understands some of the more advanced math like stochastic calculus.
Someone with experience helping hypergrowth mode startups whose main DB is MySql to adopt Vitess.