I think there's a continuum here, too. I've heard it said, in jest, mind, that LLM's square the dev. It turns a 1.5x dev into a 2.25x dev, but it also turns a 0.75x dev into a ~0.56x dev.

I think the exponent of 2 is probably too high, but it's not a bad approximation of a very messy reality.

There is also the division of people who value the thing being produced vs. valuing the actual production of that thing, whether or not its used. I don't see one side here being "right", necessarily, but when a company is behind it one is certainly more valued, and I think not incorrectly.