The LLM might change the economy of this, but I doubt it.

I tend to believe that the engineering culture you describe will end up producing similar or, as Joel postulates, an even worse result, just dressed up in a modern stack.

If the technical leadership remains the very same one that enabled such a culture, I don't see them being able to suddenly produce a genuinely better software product only because an LLM is in a picture - especially considering how easy it is to convince an LLM that your idea is the best one.