I think something that a lot of people might be overlooking is just how much this might devalue software as individual products. How many technologies do we have now that might become irrelevant once LLMs become more mainstream? How can any company keep a moat around their product if anyone can simply generate that same function (or similar) with a few prompts? The only reason any software is particularly valuable is because of the difficulty that comes with making it.

An example that come to mind is Jira, why have verbose task management software when bespoke task management systems become even more viable for individual companies? Or better yet, given the need for individual cogs decreasing, why have that at all?

This also extends to the creation of any sort of new business, perhaps there are patents on specific products and brands (which might be the saving grace of many large orgs) but outside of niche applications and hardware access I can't see how someone can reasonably gain a leg up in such an environment.

edit: This is more speculative, but what if software actually becomes more of a process of molding a large language model to consistently behave in a certain way? Why have some code that manages your back-end functionality when for a large some of applications all that is really occurring is text manipulation with some standardized rules. If those rules can be quantified, and consistency can be expected, the only "coding" that needs to be done is prompting the model.