The productivity gains are somewhat real in a sense, but are not really about "moving faster", as the hype would have us believe. GenAI agentic systems instead boost individual developer "efficiency" by allowing a single, reasonably qualified developer, to approximate an entire software team. As those developers, however, we're still required to manage the workload of those teams and ourselves to ensure quality output, just as ever before.
The problem is that it's VERY easy to overload oneself with the output of these new tools. Human comprehension is the bottleneck, as much as it always has been. Anyone that tells you otherwise is shilling for these companies.