It's very true, you used to have to hire people you knew were not very good just to have warm bodies who could throw together widgets, minor bug fixes, etc. You still had to have a competent developer review what they did, which was annoying, but ultimately a time saver over doing it themselves.

Now the competent developer can just run agents and do the same review process, except it's ~free (relative to human salaries, even outsourced).

So we've got a bimodal distribution going on where the bottom X% of developers have become essentially worthless while the top Y% of developers are now more valuable than ever.