Keep in mind that companies do not necessarily aim to increase efficiency but to de-professionalize. It will be easier to find these "glorified editors" that require minimal education, than current software developers. Consequently, this will make them more replaceable and hence they will have a worse negotiation position when it comes to working conditions etc.
It is an old pattern, see for instance: https://www.versobooks.com/products/688-breaking-things-at-w...