I think this is the right take. In some narrow but constantly broadening contexts, agents give you a huge productivity edge. But to leverage that you need to be skilled enough to steer, design the initial prompt, understand the impact of what you produce, etc. I don't see agents in their current and medium term inception as being a replacement of engineering work, I see it as a great reshuffling of engineering work.

In some business contexts, the impact of more engineering labor on output gets capped at some point. Meaning once agent quality reaches a certain point, the output increase is going to be minimal with further improvements. There, labor is not the bottleneck.

In other business contexts, labor is the bottleneck. For instance it's the bottleneck for you as an individual: what kind of revenue could you make if you had a large team of highly skilled senior SWEs that operate for pennies on the dollar?

Labor will shift to where the ROI is highest is what I think you'll see.

To be fair, I can imagine a world where we eventually fully replace the "driver" of the agent in that it is good enough to fulfill the role of a ~staff engineer that can ingest very high level business context, strategy, politics and generate a high level system design that can then be executed by one or more agents (or one or more other SWEs using agents). I don't (at this point) see some fundamental rule of physics / economics that prevents this, but this seems much further ahead from where we are now.