Doubtful, you're ignoring the fact that self-taught (entry-level) programmers cannot simply be replaced by (entry-level) programmers with degrees (or vice versa).
Both have their up- and downsides, and treating them like equals is ignoring that which makes them each of them unique.
There will always be a market for self-taughts, if you don't understand this, you don't understand what makes a self-taught special.
As an employer, I want the best. All other things held equal, someone trained from some kind of institution will give me more confidence for employment than someone self-taught. Self-taught shows initiative, but institutional learning applies a baseline training employers can trust.
Both have their up- and downsides, and treating them like equals is ignoring that which makes them each of them unique.
There will always be a market for self-taughts, if you don't understand this, you don't understand what makes a self-taught special.