When fewer and fewer people are needed to do the same work it doesn't necessarily make for a better or more sustainable market: socially or ecologically. Consider a world where one needs 40 years of education (instead of say 20) to begin to contribute in a way the capital owners are willing to pay for. And paying for the privilege of much of that education.
But to me that's a pessimistic way to look at it. It's an accomplishment to need less people to build amazing things.
We're already at a point where even the most experienced engineer can only understand a fraction of the stack they use. Compare that with the 1970's where a programmer might understand 90% of the mainframe they use... because it was simpler...
Basically you don't need to know as much knowledge as earlier generations to accomplish the same thing, but this devalues that thing (or makes it much harder to be good at) ... All the low hanging fruit is gone I guess
Much like the improvements in farming and agriculture have changed from manually reaping the fields to AI controlled harvesting equipment.
There will always be software engineering problems to solve, they just move up the stack...