I'm honestly kinda amazed this as upvoted here as it is. Typically anything ML-related is upvoted to the top positions and any dissent harshly ridiculed. Anyways... it appears those who thought about this as if it was a glorified code search engine were close to being right.
I still don't think it's just a glorified code search engine.
Context-sensitive data retrieval is undoubtedly a part of it, though and the question is how big and relevant is that part and what are the consequences?
To me the biggest issue is that it's impossible to tell whether the suggestions are verbatim reproductions of training material and thus problematic.
It goes to show that this tool and basically every tool relying on the same or similar technology must now be assumed to do this and thus any code suggestion must be regarded plagiarism until proven otherwise. As a consequence such tools are now off-limits for commercial or open source development...
