The silly part of this is that the industries he compares software to - music, television, movies - have all been skeletonized and reduced to minimal and repeatable products. Simply looking out the door should be enough to convince you that if you want to bring back the magic, asking to be treated like a television writer isn't the way.
Right now the biggest thing bringing down developer wages is the threat of being replaced with an LLM. That's not going to work out in the long run - giving developers productivity increasing tools isn't going to lessen their value. However, it's the most plausible wage suppression hustle for quite some time.
Until the limits of LLM generation get tested and felt, the downward pressure on wages is going to continue. Maybe when the first wave of LLM driven startups feel the pain of maintaining code that doesn't have an author, or maybe high profile malicious training data attacks will do it. Even afterwards, the effects of the wage curve being bent downward for a couple years are still going to be there.