Without this technology, if I want to procure a concept-art quality image to promote my video game, I need to pay at least an amateur artist for their time and skill. With this technology, I can simply run some generations and maybe tweak or combine the output in Photoshop. I don't see how AI won't gobble up the bottom X% of the visual art industry almost immediately.
Fine arts, contemporary artists showing in galleries, mediums that can't be printed on photo paper (sculpture, canvas paintings, etc) will be more resistant to displacement. But the massive majority of commodity art & visuals - adverts, billboards, book covers, article images and so on - will definitely be displaced in the very near future.