Indeed. Art is partially evaluated by how impressive it is. That's why posting AI images on social media won't yield a lot of likes anymore. People have gotten used to images being easy to create, so they aren't seen as valuable anymore. The same will be true for videos.

AI pictures today are much less impressive than Dall-E 2 pictures were a few years ago, despite the fact that the models are much better nowadays. Currently AI videos can still be impressive, but this will quickly become a thing of the past.

Then people will move from trying to create art to creating "content". That is, non-artistic slop. Advertisements. Porn. Meme jokes. Click bait. Rage bait. Propaganda. Etc.