Some of the early efforts I've seen have been mixed, but I think AI art will continue to separate those who make the effort from those who don't. I've seen people spamming art sites with AI generated works, apparently as a cheap and easy way to make a quick buck, and I've seen people who use AI to enhance their work and add a depth to it that they couldn't previously. Sure, it may seem as if they're cheating a bit, but they're taking advantage of a new tool to produce better artwork. Because they make the effort, their work looks very nice. The spammed artwork is full of glitches and just plain bad design.
As someone who dabbles in both art and writing, I'm more ambivalent about it than you might think, but that is because the market has changed. Already, people are able to steal both artwork and writing to make easy money at the expense of creators. I think that the future opportunities for creators are to build a small but loyal following that wants your work, not facsimiles or poorly-designed copies. Art/writing mills will make some money in the short term, but those who build a real following will have sustained income and sustained engagement for as long as they want.
And yes, AI might shake up some of the industries or communities where there was easy money to be made by stealing from others. When you can generate art without technically stealing it, and when you can get 'good enough' results with a few queries... this could lead to hard times for art/writing thieves. I'm not going to shed any tears over it.
