I think people also have a natural tendency to assume that the amount you are paid is correlated to how difficult the job is, which isn't quite true. The market value of a role has a lot of additional factors besides how intrinsically difficult the actual job is such as supply and demand and the funding source. Programmers may have been able to demand high salaries partially because the explosion in demand came faster than the explosion in supply.

While it is true that a programmer's job is a lot more than writing code, I also wonder to what extent that businesses will actually be able to tell a good programmer from a bad one. For example, a lot of folks at big companies can honestly get away with being a ticket-taking code monkey because so much of the responsibility has been abstracted away so that they don't actually get punished for not caring about the customer. It's sort of similar to how many schools realistically wouldn't care to distinguish between a teacher who puts in extra effort into their classroom versus one who clocks in and clocks out as long as some bare minimums were being met.

I think strong programmers will get rewarded in the right companies that need them, but it's still an open question as to how many companies exist that have their bottom lines actually depend on a programmer doing a good job at wearing all those extra hats.