What if this is just telling us that much of the coding being done in the world, or knowledge work in general, is just busy work? Just because you double the capacity of knowledge workers doesn't mean you double the amount of useful output. Maybe we have never been limited by our capacity to produce, but by our ability to come up with good ideas and socially coordinate ourselves around the best ones.

That would imply that the majority of this AI hype is just additional bluster, and likely wouldn't improve anything in any significant manner.