The bulk of IT is certainly data plumbing. The question is what the engineering part is of the total. Compare with physcial logistics, you have the lorry driver

The bulk of IT is certainly data plumbing. The question is what the engineering part is of the total. Compare with physcial logistics, you have the lorry drivers, the mechanics, and the engineers that develop the next lorry model. There will always be a need for tools and algorithms to work on the data in innovative ways. That is probably where the engineering skills are the most essential. But these jobs are likely fewer than there are people wanting to think of themselves as software engineers.