For future generations this is a total catastrophe - reducing the available food genpool is is the maximal possible damage you could apply to the human kind.
This is not a theoretical scenario - india has lost big parts of it´s genpool for many food plants since the indian government is pushing gmo company products. The results are a complete disaster today, but this is just a foretaste what will happen on a global scale in a few years. Especially Africa, now beeing invaded by mega-industrial agro-projects backed by hedgefonds, will be hurt massively in the coming years.
Local seeds are of immeasurable value - it is conserved knowledge of hundreds, sometimes thousands of years that is deleted forever, when a variety disappears. This are not "failed experiments of nature" that vanish not able to survive the test of life - instead we are actively eradicating very good functioning and over a very long time optimized varieties, just because of some short-term experiment, that usually fails, and was only motivated by short-term profit-think.
GMOs are not "evil" or "good" - it´s the extremely short-sighted and brutally enforced business-model that translates the totally stupid short-term profit-think into very destructive consequences for global biodiversity.