This is the real fear. We had a flood of engineers who entered the profession in the past 10-15 years who were decidedly average. No real interest in software development beyond "it's a cushy desk job, or better yet WFH job, that pays really well." No interest in whatever product was being developed by their company. Just show up, their PM assigns them a ticket to make a widget with a button, they use their TypeScript bootcamp skills to code up a widget with a button, ticket moved to In Review, job's done.
Now an agent can do that, and you need fewer of these types of people. Like, a lot fewer. Every engineer on your team who isn't a 10x-cum-100x engineer feels like a massive lost opportunity.
The "10x" engineers I know have never been more excited about their jobs. I'm really unsure what's going to happen to the average ones.