I'm not sure this is universal. For a lot of "full stack" type jobs sure, the complexity is not the code but managing business and how code fits in that. However I think there is still a lot of hard science problems out there which require a full technical education.
Hopefully not, and it's probably correlated with how technically complex the domain is. From my experience it's most of the web industry, but web software has increasingly evolved into gluing libraries together.
