We currently have engineers competent enough to use an LLM, review the code written, and fix the places where the LLM writes poor code. We also still have engineers pushing novel code themselves. That means we are on the up-slope. Right now, nascent hackers are learning perhaps the old ways, but also are for sure paying attention to and using vibe coding. That creates a negative feedback loop. As greybeards age out of programming, so to does the knowledge foundation that allowed LLM training to take place in the first place, and more importantly, that trained the next generation of hackers. AI is going to increasingly begin consuming AI code, and I haven't seen solid evidence yet that it is capable (at least currently) of putting truly novel ideas into code.
There will be an inflection point where AI's are consuming their own output more than that from competent hackers, and that's when things will go downhill unless there is a significant breakthrough in actual reasoning in AI.