* People using it as a tool, aware of its limitations and treating it basically as intern/boring task executor (whether its some code boilerplate, or pooping out/shortening some corporate email), or as tool to give themselves summary of topic they can then bite into deeper.
* People outsourcing thinking and entire skillset to it - they usually have very little clue in the topic, are interested only in results, and are not interested in knowing more about the topic or honing their skills in the topic
The second group is one that thinks talking to a chatbot will replace senior developer
No one is going to replace senior developers. But senior developer pay WILL decrease relative to its historical values.
Think wider. You, sharperguy, are not and will not the only person with access to these tools. Therefore, your productivity increase will likely be the same as everyone else's. If you are as good as everyone else, why would YOU get paid more? Have you ever seen a significant number of companies outside FAANG permanently boost everyone's salary just because they they did well on a given year?
A company's goal is to the shareholders not to you. Your value exists relative to that of others.
If every coal miner could suddenly produce 10x the amount of goal, do people say "well now we can just hire one coal miner instead of 10". Or do they say "now thousands of new project which were not economically viable due to the high price of coal are now viable, meaning we actually need to increase our total output beyond even 10x of what it was previously."