So aside from the losing jobs scare (most folks that are on the ball are using it themselves to figure out what it can do and how to incorporate it into their process), the biggest issue with it is the legality.
Say you don't want to pay a big shot like Craig Mullins because he's asking for a reasonable compensation for someone of his skill and renown. Instead you pop your art prompt into the AI and ask it to do it in his style. You won't get anything super presentable right off the bat, but you pass that shit off to an intern and you've just gotten yourself something that's clearly based off of his work for a fraction of the price. The AI used copyrighted material to train and base its work off of, how do you handle the legality of that? What if Mr. Mullins decides he doesn't want his work used in such a manner, do you just shrug and go "Shit man, it's on the internet, that makes it fair game" Or do you go and rip out any reference to his works out of the algorithm, if that is even possible at this point.
Another can of worms is using someones likeness. Can't afford to pay a big shot actor to use for a cover or ad? No problem, just have the AI generate someone very similar but not quite exactly same looking. Your defense is that the person is imaginary and doesn't look like the person it's clearly based off of. But the AI used their likeness to learn, how do you deal with that?
As with the whole NFT shitshow, this feels like a potentially cool and versatile technology that has some very big problems that need to be solved first, except the folks that are pushing it are ignoring those and hoping they go away while they make tons of money for minimal effort beyond the initial development costs.