Do you think people that use machines to generate music have the technical skills to be a cover artist? (I suppose you mean with real instruments)
The only people salivating at generative AI are those that do not have the skills to create without.
Performance is not the same as original creation, so yes, I think that's very possible.
Dirty secret of the industry, lots of producers and musicians are using AI to "brainstorm" songs, then sampling from them or performing slightly shined up versions of them. Sort of like musical photobashing.