Maybe, but you make it sound like juniors are more worthy to companies than seniors. Then fire most/all seniors and good luck with resulting situation.
Coding in any sufficiently large organization is never the main part of senior's time spend, unless its some code sweatshop. Juniors can do little to no of all that remaining glue that makes projects go from a quick brainstorming meeting to live well functioning and supported product.
So as for worth - companies can, in non-idedal fashion obviously, work without juniors. I can't imagine them working without seniors, unless its some sort of quick churn of CRUDs or eshops from some templates.
Also there is this little topic that resonates recently across various research - knowledge gained fast via llms is a shallow one, doesn't last that long and doesn't go deeper. One example out of many - any time I had to do some more sophisticated regex-based processing I dived deep into specs, implementation etc. and few times pushed it to the limits (or realized task is beyond what regex can do), instead of just given the result, copypasted it and moved along since some basic test succeeded. Spread this approach across many other complex topics. That's also a view on long term future of companies.
I get what you say and I agree partially but its a double edged sword.