Senior devs will be able (they already are) to generate code, at first boilerplate and gradually more complex code, and effectively work as planners and passive reviewers, in a similar way to how some companies just hire legions of juniors with some architects/seniors guiding and reviewing their work.
The problem with that flow, I think, is that it completely disrupts the junior to senior pipeline. Senior roles might be valued even more than today, but reaching that stage or simply entering the market might become much more difficult.
I feel my career is pretty safe, but I’m not sure about someone joining the industry 5 years from now.