The idea wasn't to replace type designers, but to create a new tool for artists to use.

I had a slightly different reaction, though I'm only going by what I read in this thread. It wasn't to replace art with technology for everyone, but to scratch a personal itch. He liked the artist-made typography just fine, but it was going away regardless and that was demotivating to him. I think this is in the finest tradition of hacks, even if it took decades.

The first METAFONT was Computer Modern, which (short version) was a re-creation of Monotype 8A.