There's a divide between Engineering a system, and implementing it in most other fields. We're now facing the situation where LLMs have artificially accellerated the trend we were already on, towards a professionalization of the art of Software Engineering. The title inflation of most of the programing jobs being incorrectly labeled as "software engineer" has obscured this trend.
The demand for actual Engineering skills won't go away anytime soon. The thing about Engineers is accountability and responsibility. If you're responsible for outcomes, you must exercise authority over the process. This gives you bargaining power for wages, which FAANG and others don't want you to have.