I think it will make all of us more efficient, and allow more creators to do more, better, faster.
Democratizing art is a noble goal. At the same time, anything that is accessible and easy to create becomes cheap.
This will likely strip away a lot of past career paths. For example, take the concept artist. Traditionally, a studio commissions an artist to create concept art for a movie or game. In a couple of weeks, the artist submits work, followed by days of revision. The contract concludes with a bill for hundreds or thousands of dollars.
There will always be financial and time pressures on studios. A.I. artwork is already good enough for concept work, so studios will adopt it. In the very near future, more companies will bypass traditional artists and opt instead to hire contractors with the skills to efficiently use A.I. generators.
Since this requires far less time and skill than traditional drawing, more people will be able to perform this function. Likewise, each individual will be far more productive at creating artwork. As supply goes up, the costs will tumble. Eventually, art commissions won’t be profitable for anyone except celebrity artists and a few consolidated operations. These businesses will operate out of a few countries where the cost of living is low.