People who won’t invest anything and just want to make a quick buck won’t be successful with AI generated content/music.
You still need to invest significant time and effort to make it work.
They will be successful in drowning out the artists. Not individually so, but collectively.
They are though by sheer volume. Finding anything half good will be a needle in a planet sized haystack of slop.
Musicians who are being threatened by AI impersonating them, flooding the market with music like theirs, and otherwise actually harmed by this would disagree with you. Benn Jordan speaks at length about it in this video: https://www.youtube.com/watch?v=QVXfcIb3OKo