So hear me out... I think AI could be financially very helpful to artists, while giving them a chance to do more meaningful work. Businesses buy a ton of stock photos, graphics and art. An artist could create a library of original digital pieces (they probably already have it) and use that for the source of new AI generated digital content, which in turn would go back into the source library. This reduces the cost/time associated with soulless stock/business content, but positions the artist to maintain a revenue stream. With the extra time, the artist could work on their preferred pieces or be commissioned to do one-offs.
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I think as long as all the training data and the results are public and free to use and modify there is no moral problem beyond artist livelihood which is sad but just a part of life. Jobs have come and gone for as long as humans exist, its something we have to accept long term.
So far artists themselves are still very good at catching even high quality AI pictures tho. AI models produce something that only looks like human art on the surface, but it still misses lots of things. In many cases it wont replace existing art because often the human and the story behind art is what makes people appreciate it.