Sure. It's just a tool. That need other people's art to work.
If it's "just a tool" in and of itself, then there's no problem keeping it away from other people's art.
>The camera and 1-hour film developing didn’t destroy oil paintings
Because the copyright laws were extended to include photographic reproduction of art as something you need to obtain a permission (and a license) for.
The same needs to happen for generative AI.
A photocopy machine is just a tool too. So is the printing press.