It sucks that this perception attaches to people at this point in their career. Many become managers at this point because that's an easy way to have broader impact and show career growth when you don't _really_ care about engineering.
If you have spent 20 years as a software engineer amassing wealth (3 houses) and not making significant contributions to your peers or the field, everyone knows where your priorities are. It's okay that you aren't that interested in engineering. It does mean that it's harder to get a job than someone who really is, especially in tight markets. You're also not going to find employment below your level because they know you're going to jump ship when the market shifts. It does mean lowering your standards on certain things, like the "100% remote" requirement.
For the last 20 years, there has been tremendous demand for software engineers that has allowed people to coast. That demand is cooling down for a variety of reasons, AI being one of them (but IMO not anywhere near the most significant). That cool-down really started in ~2021-2022 and really hasn't picked back up. When the market cools down, the unremarkable old-timers are sadly the first ones to be shown the door.