My personal bet would be that in the medium term, there will be a reversal of the idiotic belief that you can immediately just lay off developers because of LLMs. If your developers are more productive because of LLMs, you still have an advantage by having more developers than the competition. There's also a lot of institutional knowledge that's just not documented. You fire key people, you can cripple your organization.
In the longer term, I think AI will eventually take jobs, and unfortunately, it will have major negative societal impact. I doubt that our governments will be proactive in trying to anticipate this. They will just play damage control. There's probably going to be an anti-AI social movement. You'll have the confluence of more and more disinformation and AI slop online along with more and more job loss. There are probably going to be riots. Some people think UBI is inevitable. I think the problem is that if the government puts UBI in place, they will only give you the minimum necessary so that you don't starve. Just enough to afford to rent a bedroom, eat processed food and stay online all day.