It's taste can be atrocious, so we're not replacing engineers entirely yet, but it's clear that it's almost hands off for any task I would have done as a consultant in 2012, for example. And, contrary to my opinion a couple months ago, I think taste is a pretty shallow moat, ultimately. Many of my clients when I was operating a consultancy had plenty of taste, if that's all they required, and I think it'd be foolish to assume frontier models won't acquire taste eventually.
I do think that, ultimately, the tippy top of the pinnacle for things like truly original design work, truly original work of any kind, will take a long time to replace. But most software engineering isn't moving the boundaries of the possibilities of humanity, it's making sure that we can turn $0.10 of infra spend into $2 of revenue reliably.