It doesn't always know the right thing to fit the need, so you can now figure out what that looks like and design it appropriately (and try 10 options in production and see which one wins!)
But also you can just do a lot more work. If the prompt can replicate 95% of your work, now you can do keep moving forward faster and do a lot more work.
This does mean, of course, that there will be less of a need for software engineers that are only capable of reasoning about the edges of applications or one narrow part of the whole discipline will get squeezed out. If a computer can do the job, it's now less valuable of a skillset than it used to be in the market, and that hits wages hard if your only contribution to the market was "I know how to create React components when someone tells me what is in them, and how they need to interact with other components"
Happily, despite the amazing productivity of AI, there is still so much absolute CRAP software out there, and so many different places we can apply better options. Bureaucracy and poor management will continue to create new opportunities.