We're already seeing this with tech doing RIFs and not backfilling domestically for developer roles (the whole, "we're not hiring devs in 202X" schtick), though the not-so-quiet secret is that a lot of those roles just got sent overseas to save on labor costs. The word from my developer friends is that they are sick and tired of having to force a (often junior/outsourced) colleague to explain their PR or code, only to be told "it works" and for management to overrule their concerns; this is embedding AI slopcode into products, which I'm sure won't have any lasting consequences.
My bet is that software devs who've been keeping up with their skills will have another year or two of tough times, then back into a cushy Aeron chair with a sparkling new laptop to do what they do best: write readable, functional, maintainable code, albeit in more targeted ways since - and I hate to be that dinosaur - LLMs produce passable code, provided a competent human is there to smooth out its rougher edges and rewrite it to suit the codebase and style guidelines (if any).