I am not sure it's the moat that is disappearing. I think it's just redistribution of the talent. We do see a definite increase in the projects flowing into the company, something around 20-40% from my (not accurate) observations.
I work at a dev agency, most of our clients are start ups that need to go into the market quickly.
We've used agentic development for about a year and a half now and our roles have changed drastically during that time. I can't speak to the volume of projects flowing in (as I do not know the exact numbers) but from what I can see all that has changed is the expectations for what can be delivered. And instead of 5 people delivering on a projects, it's now usually 1 or 2.
The reality is however, that greenfield projects have been largely automated. A ton of the manual labour work (iterating on UX/UI designs, iterating on system architecture, trying out different approaches to solve a difficult problem with no clear measurement metric) now happens instantly. Basically - if you can understand it in your head, you can put it out into the world in 1/100th of the time.
During this period I've also changed a lot about the way I work and think about a system. I've grown symbiotic with the LLM and I really can't do without it. It doesn't mean I don't understand the code it writes, I very much follow each and every change and have a large understanding of the codebase (much larger than the LLM), but I've greatly atrophied my manual code writing skills (which I am perfectly fine with).
Currently I feel like the general layer, the translator, between what the business goals are and what tech covers it the best way. This is still problem solving, but a very high level one and is still really interesting and fun to me.
But something tells me that the best strategy for these times (for developers anyway) is to remain critically thinking and use these tools to your advantage. Now everybody has superpowers. You don't really need to work for a company anymore, because a solo dev can absolutely build crazy things, so it's not like you need to rely on anyone else. Maybe the future is an economy of macro products, each person offering something unique to the world.