It's pair programming. It's definitely not project management because, to build anything useful, I need to know everything I needed to know as a software engineer before AI hit the mainstream. A PM who isn't an experienced engineer could probably come up with the bones of an app, but the app would suck.

Programming as I remember it pre-AI was essentially just toil and iteration. Programming with AI is nearly zero toil and iteration. The first prompt is like installing a framework. The next 200 prompts are programming.