There's a third possibility, which to me is also the most plausible. Models will keep getting better and better within certain domains, while never catching up with humans when it comes to other type of tasks. Like that elusive quality-without-a-name some have called "taste". Or knowing what UX is most intuitive to humans. Really, anything where we have to tap into our common humanity and our human experience in order to be of help to other humans and generally to life on earth. Which is an all-important skill, since the flowering of life on the earth is (or should be) the whole point of anything we do, after all.