The previous second order effect is more likely. For the one orchestrating 8 bots, 7 others are not needed anymore.
What I believe is going to be interesting is what happens when non-engineers adopt building with agentic AI. Maybe 70 or 80% of their needs will be met without anyone else directly involved. My suspicion is that it will just create more work: making those generated apps work in a trustworthy manner, giving the agents more access to build context and make decisions, turning those one off generated apps into something maintainable, etc.
Yeah, no, that's wishful thinking. The companies will just opt for higher margins.