Not really. It will be a cuttthroat landscape, and the scope wont matter as much anymore. First because everyone else will equally be able to throw LLMs at the scope, but also because the scope has natural limits: your market fit, customer expectations, and (for software/hw products) physical world/manufacturing limitations.
They'll want to reduce their margins.
It will certainly be a cutthroat landscape for engineers, but companies will be building _more_ capacity, not less. In other words, the demand won't disappear for skilled technical labor, it will just move higher up the value chain.
They will still totally be, because the capacity to do so was never coupled to labor, it was coupled to domain knowledge, client network, other players dominating the market, and so on...
1) they won't, they'll just cut costs
or
2) they will, but unless it's a new scope or one that can absorb growth, they'll just be competing with other companies in the space and taking away business from them
either way, labor loses