It commoditizes software construction.

The resources to learn how to construct software are already free. However learning requires effort, which made learning to build software an opportunity to climb the ladder and build a better life through skill. This is democratization.

Now the skill needed to build software is starting to approach zero. However as you say you can throw money at an AI corporation to get some amount of software built. So the differentiator is capital, which can buy software rather cheaply. The dependency on skill is lessened greatly and software is becoming worthless, so another avenue to escape poverty through skill closes.