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There is definitely a market pressure not being fulfilled that I think does accommodate much more effective tech workers.
At least in the spaces I frequent the cap isn't as much the volume of work you have to do, it's how much of it you can't get to because the people you do have run out of time.
The real question is whether at the corporate level there will be a competitive pressure to keep the budget where it is and increase output versus cut down on available capacity and keep shipping what you're shipping. I genuinely don't know where that lands in the long term.
If smaller startups are able to meet the output of shrunk-down massive corpos and start chipping away at them maybe it's fine and what we get is more output from the same people. If that's not the case and we keep the current per-segment monopoly/oligarchy... then maybe it's just a fast forward button on enshittification. I don't think anybody knows.
But also, either way the improvements are probably way more incremental and less earth-shattering than either the shills/AIbros or the haters/doomers are implying, so...