I think in some sense the opposite could occur, where it democratizes access to becoming a sort of pseudo-junior-software engineer. In the sense that a lot more people are going to be generating code and bespoke little software systems for their own ends and purposes. I could imagine this resulting in a Cambrian Explosion of small software systems. Like @m_ke says, there will be way more software.

Who maintains these systems? Who brings them to the last mile and deploys them? Who gets paid to troubleshoot and debug them when they reach a threshold of complexity that the script-kiddie LLM programmer cannot manage any longer? I think this type of person will definitely have a place in the new LLM-enabled economy. Perhaps this is a niche role, but figuring out how one can take experience as a software engineer and deploy it to help people getting started with LLM code (for pay, ofc) might be an interesting avenue to explore.