I'm not really convinced that modern cameras and supposed ease of making great images is the problem.
It was always possible for the non-pro to make good pictures, simply by farming out the processing/printing, which is only a tiny portion of the total cost of a shoot, unless the client is into buying bulk print runs, of course... many people have a 'good enough' eye for framing a shot, and bad lighting was then and is still now, bad lighting, so that hasn't changed.
I think what has changed is the fact that so many more people now seem to have the desire and the time to try to be snappers. When I was dreaming about it in the 50s, it was an almost hidden career: who the hell knew a professional photographer other than a high street jockey, membership of which club was mine for about two years before the great moment of Damascus?
And with greater supply come dramatic falls in charges. If clients don't know and/or can't tell the difference, then there either isn't one or they are the wrong clients. It was always so. But I do believe that an elite will remain - both elite clients and photographers.
The trick is being one and meeting the other. It always was.