I think this analysis is flawed. New technologies are usually bad at substituting for things that already exist. It's 100% true this will not substitute for the existing genre of film and video.
New technologies change the economics of how we satisfy our needs.
When search engines became good, many pundits confidently predicted Google would never replace librarians or libraries. It didn't. It shifted our relationship to knowledge; instead of having to employ an expert in looking things up, we all had to become experts at sifting through a flood of info.
When the cost of producing art-directed and realistic video goes to zero it's hard to predict what's going to happen. Obviously the era of video = veracity is now over. And you can get the equivalent of Martin Scorsese and a million dollar budget to do the video instructions for a hair dryer. Instead of hunting for a gif to express how you feel, captured from an existing TV show or something, you could create a scene on the fly and attach it to a text message. Or maybe you dispense with text messages altogether. Maybe text is only for talking to computers now.
My personal prediction is that the value of a degree in art history is going to go way, way up, because they'll be the best prompt engineers. And just like desktop publishing spawned legions of amateur typesetters, it will create lots of lore among amateur video creators.