AI isn't replacing SWEs" is this cope?

CEOs are trying to replace developers with AI given the amount of financial investment they've put into it, and supposedly AI is now good enough to automate junior level SWE roles. People keep saying that SWEs aren't getting replaced by AI and it's just an excuse to hire people from foreign countries to have cheap labor when CEOs do mass layoffs. But wasn't offshoring and H1-B visas still an issue 10 years ago, way before AI was released to the public, during the time where the job market was still doing great (in comparison to now) despite this issue? People also say the mass layoffs are due to COVID over hiring. Well, you would think that the market would reset back to the 2010s job market level and yet instead it went way below that and now remains stagnant at the bottom so far. The only thing that has been different from today and 10 years ago is the existence of LLMs. So I'm sure there were still around the same number of yearly graduates in the 2010s as compared to today and the same offshoring issue in the 2010s as today. So the issue with the tech job market must be the result of less jobs, so how can AI not be a significant cause for all of these jobs disappearing?