I see this phrase thrown around alot and it lacks any substantive evidence. If coding was the easy part why were junior level SWEs getting paid six-figure salaries?
People who say coding wasn't the hard part have never had to refactor a legacy system without LLM assistance and it shows.
I think the pay in certain markets was mostly because companies had more money than sense. And then that spread... In most markets pay is not really that special compared to any other field with some education needed. And neither really is the work.