Or maybe people who like talking much more than they like code are now very excited about the possibility that talking has eaten software development.

This is exactly backwards. For many tasks, formal languages are better, more real, more beautiful than English. No matter how many millions of tokens you have, you will never talk the formulas of Fermat, Euler, and Gauss into irrelevance. And the same is true of good code.

Of course, a lot of code is ugly and utilitarian too, and maybe talking will make it less painful to write that stuff.