Whenever there is an explosion of content, curation and search become important. Meta has many of the products people use to show off their taste, so having more content to curate and share is good for their ecosystem (until people stop consuming as much because they know they can produce even better with their own imagination). This may be good for Google - the more content there is, the more you need search to find it.
The downsides: there will be less money out there for creators, because that becomes a commodity. You will be able to make money if you are known for quality content polishing, editing and generally bringing that last 5-10% of generated content to look perfect (all the way until automated tools are trained to do that as well). AI will automate and improve most white-collar jobs. Instead of generators, everyone will become curators, as taste will be more important (until that's trained into the system as well).
For deeper levels of consequence we have to look at history: how did the world change when people finally got paper after most writing was done on animal skins (more got to write, the richest or most powerful didn't have the only say), or water piped to your house after you had to carry buckets and dig wells (It freed up time for everyone for more interesting tasks). Now GPUs are going to be the new paper and the new PVC. Yes, software has been eating the world for a while, but you won't be able to brainstorm without AI generating the first pass.