You’re ignoring Jevons paradox. Everyone, both people and companies, will be making exponentially more software with these tools. Software that both needs to get created, debugged and updated to realize the intention of it. That’s what our time will be spent on as programmers.
Do you have any evidence that the demand for developers is largely price elastic?
People are already struggling to find work from oversupply of talent and not enough demand
At the same time ability to write software is exploding we are watching large entities in the market consolidated and small businesses end up on the down side of the K shaped economy. Programmers demand and pay should go down as supply increases just like every other person in an economy.