SaaS companies need to start reading the writting on the wall, their massive valuations enjoyed when software was harder to create will need to be justified.
That's not the situation we're talking about though. It's someone saying "hmm, I need to edit this picture. Can I get ChatGPT to do it?" where 3 years ago they would have had to buy Photoshop and learn how to use it.
Similarly, if they need a tool to batch-convert a thousand images, they're getting an LLM to construct the specific tool they need in a couple of hours and then running that, rather than buying a software product that can do it.
You don't need a whole dev team to build a one-off tool for a specific job, which is probably 90% of the demand for those software products. LLMs are becoming the general-purpose tool for a lot of use cases.