* Do we get lost in it?
* Does today's 'professional' fiction become a lot less lucrative when we can create our own?
* Is there a to leverage this technology the improve the human condition somehow?
We will also adjust to AI generated art like have other creative technologies and the novelty will wear off. We will become good at identifying AI generated art and think of it as cheap.
Still, extremely exciting.
That is one hypothesis for the fermi paradox, Kardashev scale, and the great filter. At some point all civilizations essentially create infinite dreams/thoughts/Matrix style tech in where we all will retreat inward and have an infinite world to play with and essentially become gods in a virtual reality.
You could do storyboards from a shooting script* now, but generalizing to synthesizing character and camera movement as well as object physics is a ways off.
* A version of the script used mainly by director and cinematographer with details of each different angle to be used covering the scene.
Tools like this will absolutely be used by professionals to cut out portions of the workload, but there's still a large gap between something like this and actually making a coherent, cohesive, consistent, paced, well framed and lit story from text alone.