This included lots of offshoring companies, like IBM, that seemed more about filling out whatever the budget sheet given to them than actually making software or even any evidence of software (commits, issues, etc).
I expect that there are firms out there right now using ChatGPT to produce the facade of work so instead of messing around and billing 8 hours times 30 people every day, they just have a few people fiddling with prompts and checking in the generated text.
I actually think this might have the same impact but would hope that the value just goes back to the client in having employees do the AI work directly.
The joke was that behind every successful offshore project was one or two really busy onshore engineers manically covering and integrating work from the away team.