The comparison to art is apt. Generated art gets the job done for most people. It's good enough. Maybe it's derivative, maybe there are small inaccuracies, but it is available instantly for free and that's what matters most. Same with code, to many people.
And the knock-on effect is that there is less menial work. Artists are commissioned less for the local fair, their friend's D&D character portrait, etc. Programmers find less work building websites for small businesses, fixing broken widgets, etc.
I wonder if this will result in fewer experts, or less capable ones. As we lose the jobs that were previously used to hone our skills will people go out of their way to train themselves for free or will we just regress?