It's a huge waste of everything, and it's a symbol of everything wrong in tech industry. Instead of developing at making the AI "smarter", companies would rather brute force it and that's why RAM (and other PC parts likely) gets more expensive. Developing the AI for it to understand the things faster with less tools, they'd rather throw money at it.
I think people who use it has low appreciation of art, and if you ask them what they like, they cannot coherently explain why they like it.
Aside from the amount of stolen art it consumes to generate stuff, it doesn't have object permanence, its biggest problem is if you prompt the same thing twice, more likely than not, it would show two different things. It can't remember shit, that's why you're seeing AI hallucination videos all the time where they pan and suddenly it's a different scene. For something that's supposedly so advanced, it cannot do the most basic and easiest thing to do for an artist. If you are trying to picture a room using AI, then ask to move an object, the object will definitely move where you want it, but everything else will also be moved where you don't want it.
The time it gets dangerous is if it can understand layers like in photoshop and manipulate objects separately.