There's still several orders of magnitude of improvement that are almost certainly left - it's just not clear how much is left on the frontier end.
Most people will be very glad to pay Anthropic, OpenAI, Google etc $200 a month to get things done 20x faster than they could IF they had a $8000 MacBook and could theoretically do it locally.
Some people would pay $200 a month forever not to have to open the terminal one time...
Furthermore, if looking at the results takes 10 minutes, that same 1 hour task only sees a 3x improvement. And so on.
No most people will not pay $200 for an LLM subscription. Some software developers do. Also, at $200/month, you are much better getting the macbook machine assuming token output speed is the same or at least reasonable.
LLMs are not very productive for your average person now for them to drop $200 on. They'll need to be more capable and integrated and even so...
An AI bubble is pretty much guaranteed at this point but that doesn't mean there's going to be a new AI winter.