Disclaimer; I often feel dread around my career fading and needing to switch to a field I don't like & won't be paid well in.

That said, I think the rational perspective is "things will be fine, basically".

I tried writing a longer reply but organized thought drifted into ramblings about economics I only partially understand. TL;DR I think some opportunities will close and others will open, and current engineers will find a home. Mostly software architecture or as technical advisors for product companies (if everyone writes code, you need some Dude Who Knows It Well to guide the non-engineers when they get stuck. Akin to IT).

I think wages will stagnate but wages are generally inflated, if we're being honest. As much as I love my doctor-level salary, I can honestly say I don't deserve it.