A lot of the official base images on Docker Hub are dual architecture now (both x86-64 and arm64), so if devs on M1 can build arm64 images locally from those, develop on those, and then have CI build the production x86 image, things should be more or less fine.
Of course, I'm sure a lot of people rely on 3rd party base images that are still just x86-64. So I expect there's going to be a pretty painful transition period where Docker works on M1 Macs but a lot of popular images don't.
Or maybe Docker's official response will be a Docker for Mac release that still runs x86 in a qemu VM or something, and arm64 Docker on M1 Macs will remain an oddity for a while. But I hope they lean into improving tooling for dual-architecture support, because I think we're increasingly moving into a dual architecture world, and not just because of the M1: as ARM becomes more popular in production, I'm sure more people are going to also find themselves in the opposite situation with x86 workstations & arm64 production servers.