Hit the nail on the head. ChatGPT will replace the wrong things, and probably create a world where we still need to solve problems ChatGPT has become attached to.
It's all noise, I can't perceive a signal at this point.
But give it context and it flies. Ask it to write a cover letter for an engineering role, it will turn out mediocre crap.
Give it the actual role and your CV in the prompts, you're pretty much good to go. It's unique, you still control the narrative (please highlight my ability to work under pressure) and it's done in 10 secs.
I really don't see what isn't to love about that.
Also it usually writes better if you tell to write well.