Most of the code generated by LLMs, and especially the code you actually keep from an agent, is mid, replacement-level, boring stuff. If you're not already building projects with LLMs, I think you need to start doing that first before you develop a strong take on this. From what I see in my own work, the code being generated is highly unlikely to be distinguishable. There is more of me and my prompts and decisions in the LLM code than there can possibly be defensible IPR from anybody else, unless the very notion of, like, wrapping a SQLite INSERT statement in Golang is defensible.

The best way I can explain the experience of working with an LLM agent right now is that it is like if every API in the world had a magic "examples" generator that always included whatever it was you were trying to do (so long as what you were trying to do was within the obvious remit of the library).