I think the value we're losing is where people are bad at things, which is often where new ideas/approaches come from, but this is a macro metric, so it's a hard sell to the person struggling when there's an easy button available.
That's pretty much the definition of "average" (as most commonly used, to refer to "mean" rather than median or much less commonly mode), isn't it?
Can Suno make a better song than $YOUR_FAVORITE_ARTIST? Unlikely. Can it make a song better than 99% of a random selection of people? Probably.
I think this is actually a good thing in many ways. If I have a tool that elevates me on things I'm not very good at (like making songs) which far outnumbers the things I am good at, that's a big win for me personally, it's just a loss for the population since people who are going to push music further aren't going to be encouraged to struggle through the curve and find their own path.
This has always been true for any new technology. However, what's bizarre here is, billions and potentially trillions are being dumped into learning this the hard way.
There's a reason why specialisation is a thing and has driven economies forward for the better part of the last century. This is not going away. 'Democractisation' is a pipe-dream and frankly it should be - equal opportunity not equal outcome.