I'm a former EM who would never go back in an AI age.
EMs deal with friction and from my experience more output is more friction.
You have org leaders and businessy people putting their foot on the gas because AI is so productive and then programmers shipping 2-3x more code.
These two forces collide and you're stuck dealing with the friction so 10x the amount of initiatives you did before.
The friction is like sandpaper on sandpaper.
As an EM I don't get this. You are the sole responsible for quality. You are the sole responsible for what tools use. AI is voluntary to use. If AI produces code that no one knows and is hard to maintain, don't use AI in that way. If you can't make that decision, are you really the EM?