It all boils down to who is capturing the value for the effort and time expended. If a mediocre software engineer can compete against senior engineers with such augmentation, that seems like a win. Less time on learning language incantations, more time spent delivering value to those who will pay for it.
Your own example of the CEO becoming a CTO can be used in every level and part of the business.
Now the receptionist is building office automation tools because they can describe what they want in plain English and have this thing spit out code.
Approximately nothing.
The average knowledge worker somewhat more, but lots of them are at the level of “I can consume a pivot table someone else set up”.
Sure, there are highly-productive, highly-skilled excel users that aren't traditional developers that can build great things, but they aren’t “your average person”.
https://news.ycombinator.com/item?id=26386419 (HN: Excel Never Dies)
https://news.ycombinator.com/item?id=20417967 (HN: I was wrong about spreadsheets)
https://mobile.twitter.com/amitranjan/status/113944938807223... (Excel is every #SAAS company's biggest competitor!)
We may not call them developers or programmers (or we might; I’ve been one of them as a fraction of my job at different times, both as a “fiscal analyst” by working title and as a “programmer analyst” by title), but effectively that's what they are, developers using (and possibly exclusively comfortable with) Excel as a platform.
Is it a coincidence that the same company that makes Excel is trying to… “democratize” and/or de-specialize programming?
I don’t really think so, but shrug.
And sure, we do now have tools like square space which fully automate making a basic business landing page and online store. But the bar has been raised and we now have far more complex websites without developer resources being wasted on making web stores.