I don't think it's going to make anybody smarter, but they may seem smarter than they really are, and realistically some will be way more capable of accomplishing what they want to do.

The truly stupid will also seem smarter than they really are, just like anybody else, which is bound to fool more people than before.

And some dangerous people will use it to seem much less dangerous than they really are, when perhaps there is better-concealed escalation.

So if people are not careful, the upside of nobody getting any smarter may not be well-balanced against a downside that nobody knows how low it could go.