It's heavily biased by the circles I hang out in, but I'm seeing a loose correlation between how much people enjoy working with coding agents and their depth of experience. I've even seen people come out of retirement because this stuff is so much fun for them.
AI tools amplify existing coding experience, and reward management experience too. Engineers with a decade+ of experience are more likely to have been engineering leads or spent time in engineering management.
Related observation: Anthropic are developing a reputation for hiring former CTO/CEO/founders and putting them back to work as individual contributors.