AI is a deflationary technology, sort of like how most of the cost of TVs is the cost of shipping them from where they are made to where they are used. So wouldn't the returns show up in 'less work needs to be done' slowly over time?

Except generative AI is mostly an arms race, with content being generated being processed by some other AI on the other side. And any humans unfortunate enough to be in the middle regretting being born.