That's like saying that if a competitor can take your products from your warehouse and sell them for pennies on the dollar, your business has no value. The point is that, to some extent, OpenAI is selling access to NYT content for much cheaper than NYT, while paying exactly 0 to NYT for this content. Obviously, the NYT content costs the NYT more than 0 to produce, so they just can't compete on price with OpenAI, for their own content.
Note that I don't see any major problem if only articles that were, say, more than 5 or 10 years old were being used. I don't think the current length of copyright makes any sense. But there is a big difference from last year's archive vs today's news.
