"I'm a CS student... I've been losing faith in any kind of bright future for me and my peers consistently over the past few months... Please, tell me what your honest take on this ChatGPT situation is."
It seems to me that the judgement of software engineers has become more valuable over the past 20 years because software is more ubiquitous than ever. Consider this proxy for the importance of software: In 2003 only 61% of the US adult population was online. Today it's 93%, thanks in part to the popularity of smart phones and mobile apps, streaming services like Netflix, online shopping like Amazon, etc. Globally, the prevalence of internet usage has grown from 12% to 60% of the population in the same time period, and it continues to grow rapidly. I think it's safe to assume that software will become an even more critical part of our society over time, not less.
These new code-capable AI/ML models, such as GitHub Copilot and ChatGPT, appear to be helpful tools for software development, much like prior inventions such as high-level languages, WYSIWYG interface builders, open source frameworks, etc. They have the potential to enhance your ability to be productive. If you are more productive, presumably an employer paying you gets a higher return on their investment. With a higher ROI, they can choose to either (A) do the same software projects with fewer resources (cost cutting), or (B) take on larger and more complex software engineering projects (keep costs flat or increase them).
Given the growing criticality of software, I'm optimistic that many employers will choose (B) in the long term. These new AI/ML tools might also help "non-professional programmers" — a growing part of the Python ecosystem — become more capable and self-sufficient. But again, I think this translates to more ROI on software development projects and growth instead of stagnation. I'll be truly worried when it appears we've reached the saturation point of software: all the programs that need to exist have been written and everything left to do is maintenance. In some fields it seems like we're already there. In most others we've barely even started.
Ultimately you need to ask yourself if computer programming is a job you want to be doing. It's a very personal decision.