LLMs are great as assistants. Just today, Copilot told me it's there to do the "tedious and repetitive" parts so I can focus my energy on the "interesting" parts. That's great. They do the things every programmer hates having to do. I'm more productive in the best possible way.
But ask it to do too much and it'll return error-ridden garbage filled with hallucinations, or just never finish the task. The economic case for further gains has diminished greatly while the cost of those gains rises.
Automation killed tons of manufacturing jobs, and we're seeing something similar in programming, but keep in mind that the number of people still working in manufacturing is 60% of the peak, and those jobs are much better than the ones in the 1960s and 1970s.