When you factor in overhead and benefits, many companies were regularly paying that much for someone (many someones) to "read this Jira ticket and implement the feature".
We are currently in the "centaur" phase where a human-AI combination produces the best output, but I think some people are betting on the fact that the AI only product will eventually outperform the centaur. And with the cost of tokens falling thanks to fierce competition from the Chinese open weight models, it's definitely possible that those that bet on AI early will reap payoffs in lower expenditures for more output.
Honestly not sure which side I land on that bet but I definitely can't rule it out.