That's true only for the HR department. Because code and experience wise, someone that has been programming for 5 years isn't that much experienced than someone fresh from college. In 5 years you barely have time to get to know your editor inside out, and start to have a grasp on your first tech stack.
I consider someone to be an experienced developer one that has seen a couple frameworks and hype cycles come and go. Let's say 10 years of experience.
Also, AI has 0% productivity. Being able to churn out code without being able to reason about it in the grand scheme of things makes it worse than even a non-programmer in problem solving ability. AI has no problem-solving ability. Ignoring this issue makes the whole thing moot, because it assumes that GPT is actually AGI.