I think generative AI will end up replacing creative services on the lower end of the spectrum in the same way that cell phones with good enough cameras have replaced photographers on the lower end of the spectrum. There are still many professional photographers making a great living but the lower end of the professional spectrum has disappeared. I think we’re far from generative AI replacing creative professionals entirely but the line will go upwards over time. Old but still relevant video from CGP Grey linked below.
A threat to the upper echelon of designers will come when clients are able to calmly, clearly and fully articulate what it is they want along with how they want it produced.