1. Photo manipulation has been extremely destructive in a variety of ways. People "know" that photoshop is a thing, yet fake pictures abound at all levels of publications, and unrealistic standards propagate at full speed nonetheless. The effects are wide spread and insidious.
A way to automate the production of median-literacy shitposts on the internet tuned to whatever you want to propagandize would be a devastating blow. People "knowing" that it was possible would do precious little to stop the onslaught, and it all but destroy online discourse in any open channels. I'm certain there would be other consequences that I can't fathom right now because I don't grok the potential scale or nth order effects.
2. There is no fire alarm for AGI[1]. Is this thing the key to really dangerous AI? Will the next thing be? No one knows. It's better to be conservative.