I think LLMs mean developers can build stuff faster, which reduces the cost of developing software.
My optimistic scenario is that this expands the market for custom software, a lot. Companies that would never have considered developing their own software - because they'd need six developers working for twelve months - can now afford to do so, because they need two developers for three months instead.
The result is more jobs for engineers, and engineers become more valuable because they'd can get more done.
I'm not an economist so I won't pretend I'm confident this will happen, but it's my optimistic scenario.
Not only it has the potential to increase productivity: it has the potential to lower the overall quality of software (by making it more accessible to people who don't really understand how to write good code).
I believe that we can already observe that modern tools/languages have made programming a lot more accessible, and that the average quality of software has decreased dramatically (not that all software is bad: just that this new accessibility brought a lot more bad software than good software).
Your example is interesting: it says "it's good because people will be able to produce more", not "developers will have more time to focus on fixing bugs and optimizing their code".
