This has already happened to older engineering professions and it has already happened to sectors of the software engineering world that have a different supply/demand balance than the mainstream (see: game developers). It will happen to us too. Hopefully not in the near future.
However I seriously doubt we will run out of work for programmers across all sectors - if we can code some business app to do something ten times as fast as a normal person takes to do it (likely a low bar) then there will always be businesses willing to pay for that.
We won't run out of work across all sectors. EEs still have work. Chemists and Biologists still have work. Aerospace engineers still have work. And lots of it! But the supply/demand balance has shifted enough in their respective sectors to have a very concrete impact on their compensation.