As others have remarked, it allows them to be marginally more skilled in areas where they are lacking. I am expert level in a couple domains, but now I am advanced novice to intermediate in a whole lot more due GenAI. I can now hang with junior folks in their domain, not mine.

While I agree with your assessment on wage pressure, the folks this is going to hurt the most are the new graduates that don't have the knowledge or experience. Their competition just got a whole lot stiffer.

It benefits two groups the most, someone with literally zero experience and experts.