Another option is that this doesn't replace the student's work, but the teacher's. The single greatest use I have found for ChatGPT is in educating myself on various topics, hosting a socratic seminar where I am questioning ChatGPT in order to learn about X. Of course this could radically change a student's ability to generate homework etc, but this could also radically change how the student learns in the first place. To me, online school could become much more than they are now through AI-assisted tutoring. I can also see a future where "schooling" becomes much more decentralized than it is now and where students are self-selecting curriculum, methods, etc to give students ownership and a sense of control over their work so that they don't just look at it as "busywork".