Sure if you ignore that generating and modifying images is one of the leading usecases. Anyhow I think the combination "your mom" joke and thinking valuation == spend has revealed this to be a fruitless conversation.
Companies: We're raising billions of dollars to make it cheaper, faster, and easier to produce extremely believable fake media. Our success in this endeavor is verifiable by opening one of thousands of new image generator tools and trying it yourself for 30 seconds.
News reports: People are using tools that make it cheaper, faster, and easier to produce extremely believable nonconsensual sexual imagery of children (e.g. https://www.nbcnews.com/tech/misinformation/beverly-vista-hi...)
You: This is just like Photoshop. Not sure what the relevance is.
Is that right?