With that in mind I think the following is plausible: how we write code will change, efficiency will improve, product skills will become more important, people at the far right of the skill spectrum will see their salaries increase even more.
SWEs are already have insanely high ROIs and the demand for more software is nearly boundless. Even at many large companies products move slower than we want because even top of market engineers can't work that fast and there are limits to how parallelizable the work is. If you can double code output of individual engineers it's better than doubling the size of the org while keeping costs stable.