Eventually, things will stabilize to a point where we will know what the boundaries of all the new LLM based tooling is good for, and where humans add lots of value to that.
That will then drive a maximalist hiring spree, as the more people you have working at an increase in velocity, the faster you ship, and for once, perhaps the quality of code won't substantially decrease, assuming LLMs improve another few leaps in output quality and engineering workflows adjust in a normalized way.
Thats the hopeful side of the equation anyway.
I feel incredibly bad about customer oriented jobs, like white glove customer service. I already saw a trend (especially since 2020 but certainly before as well) where these AI chat bots and AI support lines will decimate that job category. These are pretty common white collar jobs, lots of people even in our industry got their starts on support lines.