That's a bit reductive. Let's say worst case that LLMs can't generate anything truly novel because of their limitations. That means that whatever they generated is just someone else's words, which could have been that person's art.

On the flip side, let's say LLMs are able to generate something novel. Well, then it could potentially generate thought-provoking art.

Not everything is deserving of finding meaning in. But the fun part of life is looking for things to find meaning in. Whether it's the words of God or an LLM or the President, people will always find meaning. And if it makes them happy and fulfilled, who are we to say it was a waste?