For one thing, the threat model assumes customers can build their own tools. Our end users can't. Their current "system" is Excel. The big enterprises that employ them have thousands of devs, but two of them explicitly cloned our product and tried to poach their own users onto it. One gave up. The other's users tell us it's crap. We've lost zero paying subscribers to free internal alternatives.
I believe that agents are a multiplier on existing velocity, not an equalizer. We use agents heavily and ship faster than ever. We get a lot of feedback from users as to what the internal tech teams are shipping and based on this there's little evidence of any increase in velocity from them.
The bottleneck is still knowing what to build, not building. A lot of the value in our product is in decisions users don't even know we made for them. Domain expertise + tight feedback loop with users can't be replicated by an internal developer in an afternoon.
This wasn't even an option for a lot of people before this.
For example, even for non software engineering tasks, i'm at an advantage. "Ah you have to analyse these 50 excel files from someone else? I can write something for it"
I myself sometimes start creating a new small tool i wouldn't have tried before but now instead of using some open source project, i can vibe spec it and get something out.
The interesting thing is, that if i have the base of my specs, i might regenerate it later on again with a better code model.
And we still don't know what will happen when compute gets expanded and expanded. Next year a few more DCs will get online and this will continue for now.
Also tools like google firebase will get 1000x more useful with vibe coding. They provide basic auth and stuff like this. So you can actually focus on writing your code.