Perhaps the depressing thing for some artists is that they need to adapt to this and up their game. We've seen the same with photography. Every idiot can now have a decent phone camera and there are plenty of people on Instagram doing not so interesting things with those. Does that invalidate what really good photographers do? No. But it does make their work less special when an AI guided camera in the hands of an absolute amateur can produce photos that are decent. And now with this, you could produce realistic looking photos of things that don't exist by simply asking for them in the right way.
More content means the quality standards are raised. There are not a lot of artists left that make a living scratching things in rocks. But there are more artists than ever. The only real limitation is their imagination.