I see a lot of garbage being shipped.

One of the second order effects of AI collapsing the cost of building things is that product management is much more important now. A Product Owner/Manager who lacks the taste and insight (or data) to know what they should put in front of users and what they should just put in the bin will cause a company real harm, especially if the company moves to a "there's zero effort in building something, so we'll try everything!" model.

The only part that's really collapsed in effort is the translation from requirements into code. If you're using AI to generate requirements you're effectively building things based on what a 'random' requirements generator says. If that's as good as the requirements a Product Owner was writing then that person needs to improve.