I am uncertain about this.
Yes, GenAI content is cheap.
But a business whose output is identical to everyone else's, because everyone is using the same models to solve the same problems, has no USP and no signal to customers to say why they're different.
The meme a while back about OpenAI having no moat? That's just as true for businesses depending on any public AI tool. If you can't find something that AI fails at, and also show this off to potential customers, then your business is just a lottery ticket with extra steps.