An alternative theory is that writing code was never the bottleneck of releasing software. The exploration of what it is you're building and getting it on a platform takes time and effort.
On the other hand, yeah, it's really easy to 'hold it wrong' with AI tools. Sometimes I have a great day and think I've figured it out. And then the next day, I realize that I'm still holding it wrong in some other way.
It is philosophically interesting that it is so hard to understand what makes building software products hard. And how to make it more productive. I can build software for 20 years and still feel like I don't really know.