I'm not entirely convinced it's going to lead to programmers losing the power to command high salaries. Now that nearly anyone can generate thousands upon thousands of lines of mediocre-to-bad code, they will likely be the doing exactly that without really being able to understand what they're doing and as such there will always be the need for humans who can actually read and actually understand code when a billion unforeseen consequences pop up from deploying code without oversight.

I recently witnessed one such potential fuckup. The AI had written functioning code, except one of the business rules was misinterpreted. It would have broken in a few months time and caused a massive outage. I imagine many such time bombs are being deployed in many companies as we speak.