If it becomes harder to assess if someone learned something (with a grade), the results of that assessment (GPA) become less valuable. Software has traditionally been at the forefront of allowing people with non-traditional backgrounds (bootcamps, other degrees, self-taught) to work in the highest echelon of jobs, because of experience outside of the classroom (open source, personal projects).
ChatGPT and its ilk put more pressure on evaluation of candidates in interviews and should lend more weight to impact/experience based criteria on resumes (vs education-based).
There is a spectrum of people using ChatGPT to cheat vs learn. But, ideally, "cheaters never win", so interviewers and resume screeners will soon be under as much pressure as educators to holistically evaluate candidates beyond the crutch/immediate signal of a degree. They're just further downstream