There is no reason why an AI model capable of pushing a significant chunk of devs into lower paid and highly competitive dev jobs as a result of automation needs to be a general artificial intelligence. There is a lack of nuance that comes with thinking that either AI is dumb or it has human level general intelligence. As much as devs hate to admit it, you don't need that much of what we understand as general intelligence to write software. Only a portion of your intelligence is needed and arguably not all of it at the same time.

While general purpose models might be plateauing soon (arguably they have for a while). Highly specialised models (especially for programming) haven't necessarily plateaud yet. And anyway, existing functionality seem like a good foundation to build upon systems that remove the need of hiring as many devs. It's not the "being out of a job" that should worry you. Open up your binary thinking and consider that facing a 08 job market for the rest of your career is not the same permanent unemployment but it is not a market you would like to have.

That is the real concern.