Based on the last 5+ years at working at FAANG adjacent companies - less than 5% of a SWEs time is dedicated to coding (Exceptions of course for crazy things like porting massive code bases to Rust...) - If anything - now that "coding has been solved" - it significantly reduces the need for body-shops, because now you require strategic product decision making - much harder skill to hire for/develop than yet another LeetCoder.
The developers do care, but we are judged on other metrics, and sometimes working crap code meets the need. Caring takes time we sometime don't want to give up from family or life. So crap we ship.
So - definitely agree with your general thesis.