The majority of creation in many fields happen without a promise of getting paid.
Only a tiny minority of authors ever manage to sell their novels. Even a lot of successful published novels only gets out there because of the sheer persistence of the author in question in getting past rejection, not because of writing quality (a favorite anecdote of mine is how John Irving attempted repeatedly to get one of the short stories attributed to the fictional Garp published, only to get rejected over an over; in The World According to Garp, the short story in question was rejected, and John Irving had written a rejection letter for it. In the end he substituted one of the actual rejection letters for it. The short story went on to win a price in its own right)
Only a tiny minority of musicians ever get a record deal.
If anything, the current system is so focused on promoting the "big ones" that a lot of great creative works goes unknown because the big money goes towards building a culture focused on the top few.
It might not be the case in all fields (I happen to like a lot of the expensive effect-laden Hollywood movies, for example, and I have a harder time figuring out how the economics would work for that), but it is most decidedly not a given that creativity and innovation would be stifled in every fields. Some are likely to flourish.