Code is a tool for businesses, and while it's a tool that can enable you to do anything you can imagine, it is an
expensive tool for businesses to do anything they can imagine... and how many businesses need to be able to do anything they can imagine?
The cost of code is huge, not only do you need competent software engineers to write the code, but first you need people who can translate business requirements into technical requirements... and then you're burdened with the costs of running, maintaining and iterating on that code as the business evolves.
If you could cut all of that out and instead have the people defining the business requirements design the software (through the use of a no-code platform) your business would be orders of magnitude more efficient. Historically, magical all-in-one configurable platforms (like Salesforce) were unwieldy and required experts to operate them, but that's no longer the case. The world is becoming much more mature, and businesses can achieve so much without owning a single line of code.
There'll always be technology that needs to be built, and code is a great tool for building technology, but most businesses don't need to build technology, they need to use technology. If you're opening your first grocery store, you rent a building, you don't hire architects and construction workers. The immaturity of technology has historically made that approach to business quite difficult, however, that's rapidly changing.
As Software Engineers, we get caught up in believing that because you can do anything with code, code is the right tool. That's a misunderstanding of business, though: given the choice between 2 tools, 1 that can do 90% of what the business needs and 1 that can do 100% of what the business needs but costs an order of magnitude more and has far greater risk then any rational business would choose the former.
If you spend much time interfacing with non-technical people in businesses, you'll often discover that they have an acrimonious relationship with technology in their business, because so much of the technology we build is caught up in the what and not the why. Code generation does not solve that problem, empowering non-technical people to own their business processes does.
Code generation is a tool for 2000, not 2030. I would bet my career that in 2030, there'll be less code produced per year (human authored + generated) than there is today.