Having also worked on desks in the 00s and early 10s I think a big difference here is what trading meant really changed; much of what traders did went away with innovations in speed. Speed and algos became the way to trade neither of which humans can do. While SWE became significantly more important on trading desks, you still have researchers, quants, portfolio analysts, etc. that spend their working days developing new algos, new market opportunities, ways to minimize TCOS, etc.

That being said, there's also a massive low hanging fruit in dev work that we'll automate away, and I feel like that's coming sooner rather than later, yes even though we've been saying that for decades. However, I bet that the incumbents (Senior SWE) have a bit longer of a runway and potentially their economic rent increases as they're able to be more efficient, and companies need not hire as many humans as they needed before. Will be an interesting go these next few decades.