The real value I think never really was the code, it was the learnings from the journey to get to the code. The struggle allowed for iterative discovery of the real requirements and technical challenges. With AI you skip that path and it looks like you've achieved your goal only on a superficial level.

I think this doesn't mean AI is useless (it's not), it's just that we have to think harder about the requirements and end-stage verification and have less trust in the process to result into valuable outcome.