> On the flip side, IS this a good thing for senior engineers?

Doubtful.

You'll be expected to produce much more, you aren't likely to see raises commensurate with the increased productivity, and the AI tide is still rising and will likely eventually put downward pressure on your pay at an increasing rate.

Indeed. Things are looking very bleak for software engineering as a specialization. It's been clear for years that Capital has been desperate to crack the software development nut, so to speak. Starting about 15 years ago, the intensity of Capital to destroy software engineering as a lucrative discipline really began in earnest: bootcamps, special certificate programs, the "learn to code" movement, and now AI. For at least 20 years I've heard Capital banging on the door to invade and drive wages down and now they've finally won.