1) Wages have very little to do with value/productivity in a free market. They are almost entirely determined by supply and demand. Value simply places a ceiling on compensation. Thus, if far more people can perform a "programming" job because of GPT-X, unless the demand for those jobs rises significantly the net result will be wage reduction.
2) There's this weird thinking on HN that since a developer's job involves [insert your % estimate of time spent actually coding/bug fixing] and the rest is figuring out requirements, dealing with weird requests, planning, etc. that means developers can't be replaced. However, I don't see a whole lot of discussion around what the difference is between a developer and a competent business analyst in a GPT-X world. The latter can be had for significantly less money, requires less training, and if the actual programming part is largely automated away or concentrated in the hands of fewer "real" developers, those roles start to look awfully similar.