This is my primary personal concern. I think it could be an silent psychological landmine going off way too late (sic).
In a living codebase you spent long stretches to learn how it works. It's like reading a book that doesn't match your taste, but you eventually need to understand and edit it, so you push through. That process is extremely valuable, you will get familiar with the codebase, you map it out in your head, you imagine big red alerts on the problematic stuff. Over time you become more and more efficient editing and refactoring the code.
The short term state of AI is pretty much outlined by you. You get a high level bug or task, you rephrase it into proper technical instructions and let a coding agent fill in the code. Yell a few times. Fix problems by hand.
But you are already "detached" from the codebase, you have to learn it the hard way. Each time your agent is too stupid. You are less efficient, at least in this phase. But your overall understanding of the codebase will degrade over time. Once the serious data corruption hits the company, it will take weeks to figure it out.
I think this psychological detachment can potentially play out really bad for the whole industry. If we get stuck for too long in this weird phase, the whole tech talent pool might implode. (Is anyone working on plumbing LLMs?)
I believe the detachment gets exacerbated by the fact that others are simultaneously modifying the codebase at speeds that doesn't allow you to keep up. Depending on how the codebase boundaries and ownership are defined, this directly impacts your ability to reason about the whole system and therefore influence direction.