I sympathise with a lot of the negative and pesimistic sentiment shared here and in other comments and been drowning in some of it over the last few months. However I have slowly been having a shift towards a way more optimistic outlook on the current state of affairs.
One side of it is the advent of open-weights models. This alleviates part of my fears, fears of my free software and open-source tools being made irrelevant by black-box machines built by American corporations that absorb infinite capital, with capital gaining infinite power against labour.
But the other side, is that I am slowly witnessing how LLM's are not diminishing my value as a software engineer, more on the contrary. I see the outcome of projects that are vibe-coded to oblivion, immediately turning into unmaintainable messes no matter how many tokens you drop into them. Architectural insight, establishing proper processes, properly trading off features, applying engineering restrain, are more important than ever. I see my influence in projects even more crucial than before. Furthermore, the skills that I gained by sculpting code with my bare hands are only gonna become more and more rare, as I belong to one of the last generations that wrote code on their own.
I realized this weekend that a good analogy, is that we are like airplane pilots. Modern commercial planes run mostly on auto-pilot; the job of the pilot is nonetheless of uttermost importance, and is remunerated accordingly. We are code pilots with auto-pilot for code, and because of that a small team can build systems with levels of complexity before unimaginable used by thousands or millions of users, and for this reason, our responsibility and impact on projects is greater than ever.
I do miss some of the craft. As others wrote here, I can visualize in my head codebases I wrote even two decades ago, I even remember the color scheme of the editor I used for them. This won't happen with the code of the new era. I miss hand-optimizing a clever algorithm, designing elegant abstractions using rare language features, obsessing about a crucial piece of code. I worry about some of my brainpower atrophying. But maybe, if I open my heart to it, there will be good things that come on the other end of all this crazy time. Even if I sometimes feel like I am "just" a manager now, if I look closely, I can notice how I am still an engineer, perhaps, more than ever. And with my intelligence I can build great things, perhaps, greater than ever.