Together with artificial wombs, this would liberate us from one of the heavies tyrannies nature (and evolution) have placed on us. But it could be worse, I guess. We could be like praying mantises…
The second is theoretically, it still is not possible to "design" a baby. In biology, things are very different from pure engineering. The ways stuff gets discovered is like this: if you have a big clockwork machine, you increase signal to a gear, you notice the machine do X, you say that gear is associated with X function. Then you go to another gear, do it again, and try to map out everything in the machine and their function. Cool. Now the problem is you don't know interactions between gears. So you try to change 2 gears that both associated with X. Turn out when you do that, the result is not just X but XYD get changed. Then when you try 3 gears at the same time, turns out it changes XMA function. Worse, in another supposedly identical machine, changing gear X actually causes Y change because of a previously unknown gear that is a switch for gear X to affect either X or Y and that switch depends on some obscure environment parameters...
In short, biology is too complex and the way we are probing it is still too primitive and it takes a long time to even figure out what go where. We can try poking around to optimize one thing but it always causes unintended effects, mostly lethal. So the ethics boards are even less likely to approve a project like this.
Just as an example: CRISPR system. We know about nucleases and these enzymes and stuff for decades. But to make it something reliable enough to be used took so long this thing only became big recently. Biology is very slow and very tedious. It won't be like writing a software and wait 10min for it to compile. Experiments can take years to run and come out with nothing because a stupid mistake was made somewhere along the way.
If developed nations don't allow stuff like this, once the techniques get good enough, I can foresee some company setting up in another country with low regulation and offering services there. People with enough money just need to fly there for a few weeks, get their embryo treated and implanted, then fly home.
Which is fine, its not like genetic monocultures have ever produced problems.
Meanwhile the disadvantaged masses of wild slaves in their slums will profit from the exploratory teams of transnational bio-corps, looking for interesting new traits and specimens. Some will be elevated as winners of the 'lottery'.
Like some of the poor formerly free roaming mustangs in the west, now mostly coralled in. Can't have them disturb our cattle, can't we?
/imagine braying laughter here...