the IP rights holders have yet to bare their teeth. I don't think the outcome you suggest is clear at all, in fact I think if anything entirely the opposite is the most probable outcome. I've lost count of the number of technology epochs that at the time were either silently or explicitly dependent on ignoring the warez aspects while being blinded by the possibilities, Internet video, music and film all went through this phase. GPTs are just a new medium, and by the end of it royalties will in all likelihood still end up being paid to roughly the same set of folk as before
I quite like the idea of a future where the AI job holocaust largely never happened because license costs ate up most of the innovation benefit. It's just the kind of regressive greed that keeps the world ticking along and wouldn't be surprised if we ended up with something very close to this