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It's actively solving problems for people and saving time / creating efficiency. That has value and economic utility.
I honestly don't get what a lot of the cynics in this thread and their "highly technical/IT friends" are missing.
But does it enhance the end product? Does it improve upon the work of already competent developers? Does it actually solve the real problems that software engineers face? Highly debatable. It certainly makes cranking out code more "efficient" - but anyone who's every created software knows that cranking out lines of code is a terrible metric for success. Poor quality code has less than zero value, it's a liability. As the prevalence of bot-generated code goes up, it will place an increasingly high burden on actual professionals to clean up the mess.