While Figma could probably survive that way for some time, most software products can't, because they don't have anything special in them.
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Fundamentally, a product is our industry's "unit of billable good/service". It's composed of a number of "operations" that are more or less closely related to each other, that someone grouped together into a larger whole with a User Interface, and slapped a brand on, so it can be sold.
From user's POV, that UI is something standing in between the user and the problem they want solved. Sometimes it's what they need, other times - not quite. From vendor's POV, UI is the mechanism of control over what users can and cannot do, and a prime sales/marketing channel, because the audience is captive.
Now, the AI sitting on the outside, operating on the functionality under UI, and composing it with functionality of other applications, gives users a superior meta-application, solving their own problem (and AI is not restricted to chat UI - there just hasn't been that much work done yet on ad-hoc, problem/user-specific UIs).
For users, that's a win - the AI may not be perfect mode of interaction (can get close with custom UIs), but it does not obstruct them. For vendors, that's a disaster, because it destroys coherence of a product, reducing it to a bag of tool calls, with zero branding and no control/upsell surface.
That's what I mean by AI subsuming products, and it being a mortal threat to most of the software companies today.
These thoughts, I mostly refined over time on this very forum over the past year; some of those, in reverse-chronological order: https://hn.algolia.com/?dateRange=all&page=0&prefix=true&que...
EDIT: in this very thread, you have an example of why AI on the outside beats AI on the inside: https://news.ycombinator.com/item?id=49923571.
I've written about this "UI to AI" pivot for my own Saas (cloudywithachanceoflatency.net). I believe it's a big win/win for every party.