Where they created value wasn't just the CRUD app but developing their skills, supporting communities that asked and answered questions to build public knowledgebases. They adapted to painfully repetitive tasks by developing tools that made expressing common ideas simple. In losing the pain of repetition, we lost the incentive towards abstraction. The forces in opposite directions cancelled out, creating growth for AI companies but overall stagnation due to the immense amount of value lost because before AI there was never a dollar value put on it.
(also let's be honest, building yet another CRUD app - eg what 99% of software devs actually do, is not "creating value" - with or without AI)