What most people leave out of the conversation is the element of time. We are early. The technology continues to improve.
Is it perfect now? Absolutely not. Will it continue to get better at a surprising pace? Absolutely yes.
So, just adjust your framing from "we're there" to "we're getting there" and all of your concerns go away.
On the other end of it, people regularly leave out the "why" and "how". Why do software factories not work at scale right now? What are the pieces of building software that agents don't excel at? Is it possible that the 10% that it can't get right, it'll never get right? Is the technology actually improving in the direction that makes this a possible future or we at a local maxima?
I won't admit to knowing the answers, but more discussion needs to happen around the meta of software engineering before anyone can make conclusions about whether we're actually getting there.
My intuition tells me that there's too much nuanced complexity that goes unnoticed for automation to truly take place.