You can deliver more content, faster, cheaper.
This is how technology works in general and should not be vilified. Someone comes up with a better way to do things (in this case bringing creative ideas to life) and charges a premium on top of that for their efforts. If the current wave of creators doesn't like it, then they should instead make something people want more than what their competition has to offer.
Either way, this is why local open source models are critical, so that everyone can benefit without needing to pay any single party.
IP law has yet to decide whether my interpretation of the situation is correct in the legal sense, but I find it impossible to see "ChatGPT absorbs the work of writers/journalists and sells a superficially reworded version without attribution or compensation" as anything but theft obfuscated behind lots of fancy math. It's only going to get worse if LLMs end up displacing traditional search engines, so one day you'll publish an article and get exactly one impression from GPTBot which then turns around and figuratively copies your homework.
This is an extremely different difference of scale, which does constitute a meaningful difference from prior technologies.
This is not to dismiss the concern. I simply wanted to state that artists will find ways to keep moving the creative bar forward.
[0] I really like this turn of phrase, thank you for sharing it.
That's not what extortion is. Stop abusing language.