If you think AI art/writing is bad, you should have seen what the people who produced it were producing before.
Oh, and even more aptly, do you remember "spinning"? This was a manual job, if you can imagine https://en.wikipedia.org/wiki/Article_spinning
That will make things a LOT more unequal. When everyone is very mediocre, the few that stand out, stand our a lot more, and since everyone is used to the sameness, they'll reward difference a lot more.
The question is, will the samey bland series peddlers pass the cost savings on to whoever likes that kind of stuff?