We can argue how immoral AI is, stealing people's jobs or how big tech is making a fortune out of it, but AI is merely a tool, and it's here to stay.
I live in a third-world country, and I would love to pay an artist for covers and illustrations if only the price tag wasn't higher than my salary.

The opposite is also true. I've seen artists complaining about third-world artists 'unfair competition', or even big companies hiring 'cheap' labor.
Also, my country is sanctioned, and PayPal and almost every form of online payment are blocked here. So there's that too.
Also, I'm just an amateur writer who writes on his spare time, not someone who makes a living from writing, and even though I draw my own art, I just love AI sketching my own characters in mere seconds while I do something else.
I had spent years trying to get better at both writing and drawing. And even though I had put all my heart and passion into it, it didn't translate into great success, at least not immediately. We can make the same argument about real people writing 'cheap smut' or whatever as not being 'true writing' or artists drawing lewd stuff as not being 'true art' just because they're making more money, or having more fame or notoriety.
Ultimately, the choice is the consumer's. The current trend is that AI slop is failing miserably, and the consumer is paying for books, TV series, and video games made by real people, or even returning to old-time classics, as even stuff made by real people is failing. But one day, AI will be just as good as any writer or artist, even if it lacks a 'soul', and if people begin to choose 'AI slop' over real art, be it visual art or in writing, it will only mean we need to do better as writers and artists.
In the end, all I can do is keep doing what I love, because I love it, regardless of whether it makes money or brings fame.