This... does not bode well in a future where human artists have to compete with AI. Even way before art-generating AIs were in vogue, I had dropped out of the Tw*tter rat race because I noticed that my art improvement was driven by the amount of feedback and visibility I got, rather than my own personal standards. Ergo, I felt as if I were literally and figuratively selling my soul. Now imagine artists, on a large scale, having to do that to even survive
in this landscape and be able to compete with art-generating AI. It's not a very encouraging picture.
AI art is actually unlikely to change the market that much in the near future.
While you don't have to put the effort into rendering the artwork yourself with AI art, it can't read your mind and it's fundamentally a computer. You still need to input the magical words in the right combination for it to give you what you want without visible artifacts. This can take hours, specially for models that don't have real time generation, and is often not intuitive for the user to figure out.
And as it turns out, even with the terrible labor laws of the US, the dollar is really expensive in the world scale. It will, more often than not, be cheaper to outsource the work to an artist in the global south since their rates, even after putting in currency exchange taxes and the artist's gringo tax, will likely be cheaper than putting some intern to spend hours trying to generate whatever you want.
Like, a quick search showed me that artists in my country are doing fully rendered, fully shaded work for 10 ~ 13 dollars. That's less than 2 h of US federal minimum wage, less than 1 h even in some states, and it comes with a human being that will make creative decisions and will offer revisions instead of being an inscrutable black box that you have to work around. And that's in my country which is "rich" among the underdeveloped countries, if you pick a poorer one you can get even better rates at the cost of having a Spanish speaking intern or making do with Google Translate or something like that.
It's the same basic principle for why despite the technology for sewing robots being a thing for a while now, most countries outsource their textile needs to a sweatshop in poorer countries. It's not because they "want to preserve human jobs", it's because automation is more expensive than underpaying people.
And of course, AI art is awful if you need to keep any kind of cohesion, such as keeping the same characters or background across different scenes. So ironically enough big corporations - that are all about brand cohesion - can't benefit that much (if at all) from AI art.
People buying art for personal reasons are also, as a group, famously incapable of properly stuff. Anyone that has ever done some kind of commission work for people that involved some kind of creative vision will tell you that the clients are very picky but can't say what they actually want, and even the commissioners themselves will often admit that they have trouble expressing themselves. That's not the type of people that will want to spend hours wrestling with the generator to get the picture they want.
(And of course, the most popular and lucrative use-case of art - erotic art - is more or less safe by default since companies don't really want to train on porn / will outright forbid erotic prompts from appearing.)
Of course things can change and as the technology advances, the impact may grow, but the best possible thing you can do to improve the life of artists is 1) fight for increasing the minimum wage since the more expensive paying any kind of laborer to just play around with the computer to find the magic words, the more appealing offloading the work for a freelancer becomes and 2) fight for UBI since with UBI even if artists get less work it will matter less and less, and it means more people have disposable income for buying art in general.
Just generally fight for more socialist-leaning policies in general since "feel like selling your soul to survive" is an extremely common thing under capitalism, in all fields, regardless of creativity or not (although some jobs are a lot more soul sucking than others, like retail).
EDIT: I forgot to say but one job that is actually more at risk due to AI influence are copywriters and other kinds of technical writers.
The repetitive nature of corporate writing and the fact that people generally have an idea of how to edit non-fiction means those jobs are in a very precarious situation.