> their life’s work is now a commodity

Which parts of it exactly? I've considered for loops and if branches "commodities" for a while. The way you organize code, the design, is still pretty much open and not a solved problem, including by AI-based tools. Yes we can now deal with it at a higher level (e.g. in prompts, in English), but it's not something I can fully delegate to an agent and expect good results (although I keep trying, as tools improve).

LLM-based codegen in the hands of good engineers is a multiplier, but you still need a good engineer to begin with.