After combine harvester, we produced the same food with less people.
At the moment, it seems like hardware is the constraint. Companies don't have access to enough machines or tokens to keep all their devs occupied, so they let some go. Maybe that changes, maybe we already have too much software?
Personally I think we already had too much software before LLMs and even without them many devs would have found themselves jobless as startups selling to startups selling to startups failed and we realized (again) that food, shelter, security, education etc are 'real' industries, but software isn't one if it's not actively helping one of those.