No/low-code not working this time either is not a surprise. All these attempts have been made several times throughout the history. Also, as Fred Brooks famously said there is no silver bullet: no/low-code promised to be a silver bullet while only removing the accidental complexities (again, Brooks' terminology).

AI changes this, however. The scenario you are describing assumes that AI will get stuck, as I said. Otherwise I don't see why we would still need humans to supervise it. But if it can write good enough software without expensive human beings making corrections left and right, it will be able to do a lot of the jobs that we're trying to make more efficient (or even possible) with all this software we're writing. E.g. you don't really need GitHub (Jira, etc.) if you don't have a lot of developers cooperating. And this is true for a lot of white collar professions that we're creating these heaps of web apps for, that generate all that demand that you are mentioning.

If we get stuck (and, BTW, have some time to figure out how to live with AI) then sure, we'll have programmers (and non-programmers with good analytical skills) command and supervise AI coders. Everyone and their colleague will turn into a tech-lead/product manager. If.