The underlying ontology behind code is, "reduce problems to a normalized form that can be stored in text, which we have gotten good at managing with snapshots and branches in DVCS".
With no-code, you don't have a normalized form to reduce to. Maybe your project is PowerBI modules or Excel-like superspreadsheets or whatever, but the 'stuff' that your project is made out of is not subjectable to the same kind of rigorous management that contemporary codebases tend to adopt.
The two analogies that come to mind are nosql, a movement which rather quickly discovered that RDBMS -- a normalized form for storing and addressing data -- was a pretty good idea, actually, for many use cases.
While NoSQL found important roles to fill, it is by no means as Big a Deal as the breathless tech media made it out to be, back in the aughts when mongodb first dropped.
The other analogy is double-entry bookkeeping. It's been around forever, and while it's not appropriate for every use case, its resilience and ability to represent complex changes in a complex system over time in a normalized way is similar to how a well-maintained codebase is represented by git (and competitors).
Code is a form for representing thoughts about changing systems which change the world in turn. It implies an ontology -- an "ideology", in the popular sense of the term -- and without that scaffolding, projects get floppy.
I'm much more excited about things like Git Copilot. Did you see the demo at Ignite, where that guy was literally just describing in English how he wanted the minecraft bot to behave, and the model wrote the (perfect) Minecraft scripting to make the bot obey?
That, IMO, is the future. Tools that create code that may or may not require tweaking, but can be still be committed to a repo, and is still something whose provenance and behaviour you can reason about, and diff-view when it changes.
Now, making the resulting code provably correct in a quick, automated way is probably the next thing I'd work on if I was in charge of Copilot development. But this will probably require changes to the languages that people use.
"Here is the code that does the thing you verbalized in English, here it is deployed, and also, here are several proofs, including a formal proof, the code does what is intended."
(Another advance I'd like to see are AST-based DVCS, rather than text diffs, but that is a story for another monologue)
[EDIT: I should mention that I happen to work at the specific Big Tech Company that makes Copilot; however, I work nowhere near the team that made it, and my opinions are emphatically my own.]