I'm a lawyer that specializes in this area of IP law. It is true that code generated by an LLM lacks a human author and is therefore not copyright eligible material. However, there are a few nuances that technically make your statement somewhat incorrect.

One, the code can still be sold or licensed as personal property. However, once somebody gets their hands on that code, there few things stopping them from re-releasing it for free and entering it into the public domain. Even a contract prohibiting such transfer will likely fail due to a small provision in US copyright law.

Two, this code can still be protected as a trade secret, so don't think you can create code at work and just freely distribute it if your employer has asked you to keep it confidential.

There are a number of other possible nuances, but those are two that I see come up most often in my practice.