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This means there will be a glut of Java devs and lower rates though as a consequence doesn't it?

I think that depends on whether Python will exceed Java in popularity.

But in theory, in 10-20 years any widely used programming language will have no intrinsic value and will have enough developers to not pay them 6-figure salaries.

Developers that will be valued and making tons of money in 10 years will be domain-specific developers.

It does. And will be like that for any programming language.

I guess the question is more about what still will be in high demand in the future and takes a very long time to learn or has other barriers, so there will be effectively no competition.

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