IMO, if this ends up occuring, it will follow how other practitioner roles have evolved. Take medicine, and doctors for eg: there's a high bar to reach to be able to do a specialist surgery, until then you hone up your skills and practice. Compensation wise it isn't lucrative from the get-go, but can get so once you reach the specialist level. At that point they are liable for the work done. Hence such roles are typically licensed (CAs, lawyers, etc).

So if I have to make a few 5 year predictions:

1. Key human engineer skills will be to take liabilty for the output produced by agents. You will be responsible for the signoff, and any good/bad that comes from it.

2. Some engineering roles/areas will become a "licensed" play - the way canada is for other engineering disciplines.

3. Compensation at the entry level will be lower, and the expected time to ramp up to productive level will be larger.

4. Careers will meaningfully start only at the senior level. At the junior level, your focus is to learn enough of the fundamentals, patterns and design principles so you reach the senior level and be a net positive in the team.