I don't see the bubble popping at all.
As a software engineer at a big tech org, there's no way we'll ever go back to the world before LLMs. It's just too good to ignore. Does it replace software engineers? No, not all of them, but some. What previously required 70 engineers might now require 60. Five years from now, you might get by on even fewer engineers.
What could cause the bubble to pop? We're rolling out AI code at scale, and we're not seeing an increase in incidents or key metrics going down. Instead, we are shipping more and faster.
So maybe it's too expensive? This could be the case, but even so, it's just a matter of time before the cost goes down or a company figures out a workflow to use tokens more conservatively.