Coding capability in and of itself may be "good enough" or close to it, but there's a long way to go before AI can build and operate a product end-to-end. In fairness, a lot of the gap may be tooling.
But the end state in my mind is telling an AI "build me XYZ", having it ask all the important questions over the course of a 30-minute chat while making reasonable decisions on all lower-level issues, then waking up the next morning to a live cloud-hosted test environment at a subdomain of the domain it said it would buy along with test builds of native apps for Android, iOS, Linux, macOS, and Windows, all with near-100% automated test coverage and passing tests. Coding agents feel like magic, but we're clearly not there yet.
And that's just coding. If someone wanted to generate a high-quality custom feature-length movie within the usage limits of a $20/mo AI plan, they'd be sorely disappointed.