It's because the velocity difference is no longer 25% between the slower and faster programmers.
And I have first hand seen programming teams where there was clearly more than a 25% difference — some could code much, and some could barely code at all.
I think it would be quite fair to say that, between tools and individual skill, there could easily be a 5x speed difference between slower and faster programmers, maybe more. Granted, LLMs are even faster, but I don’t think a 5x potential speed up was a slouch.
The slow developers have false starts, have to rework their code as they discover edge cases they didn't think about before, or get all the way through and realize they've solved the wrong problem altogether, or it's too slow at production scale.