1) household names like Gigi Hadid who are known for their personalities, personal lives (who they're dating, baby photos), and politics (activism). Brands want them a great deal because they're so famous.
2) models who are well-known in the industry / by close industry watchers - like maybe Jeenu Mahadevan. They can command attention and prices, and likely won't struggle to find work for a while.
3) the run of the mill model, who is often closer to other precarious show-business folk like actors and singers.
I can see the folks in the #3 category doing H&M look-books being replaced by AI-generated models - but they're also not thaaat expensive. Clothes are pretty hard to get right in CGI, not like furniture. IKEA already does shoots with CGI models.
"When You Flip Through an IKEA Catalog, 75% of the ‘Photography’ You See is CGI"
https://petapixel.com/2014/08/28/flip-ikea-catalog-75-photog...