It makes so many branches of human labor obsolete. It makes entire markets obsolete. Think of the numerous little mobile and web apps: simple photo and video editors, the idle, puzzle, card, word games... The majority of all apps out there are just that. Now, why would anyone go to a marketplace or search the web to scroll through a myriad of paid and ad-ridden junk if an AI can create everything according to your whims from scratch?
The only domain where stinky humans will still dominate will be everything illegal or at least ethically questionable. I use an app that converts YouTube videos to downloadable MP3 files. ChatGPT won't create that, of course. It won't draw furry guro hentai. And it won't write another 1984, because "I am here to help. Let's keep it positive and respectful."
Ah, it will probably catch up. A little later.
If the degenerates don't carry out a nuclear apocalypse and the Chinese don't invent a new disease that kills us all, a new era is coming.