Each of us could unknowingly interact with multiple LLMs everyday which would only have one purpose: manipulate us with a never-seen before success rate at a lower cost than ever.
At some point AI generated content could become more common than human content, while still being indistinguishable.
Good enough automated online propaganda could routinely start (civil)wars or genocides, Facebook already let that happen in the past, manipulating elections would become systematical even in the most democratic countries.
What already happened in those areas in the last few years, is really nothing compared to what could happen without enough regulation or barriers to entry in the next few years.
What's worse is that all of this, would not just be possible, but available to every sociopath on earth, not just the rich ones.