As a counterpoint, i don't think that the average person has stopped taking pictures just because image generation models exists. Nor have people stopped pursuing other hobbies impacted by AI. We don't go to museums to look at AI art that was created in 10 seconds and I doubt culture will shift to a point where that's common place. Human content will still be created, and we will probably see the general quality of that content increase as a result of foundational models. Content creation is taking whats in the mind and translating it into the physical/digital realm. With better AI, this translation becomes easier for a lot of fields and you no longer have to master the use devices to make your art quality. However, everyone can agree that prompt based generation is a lot less satisfying than making content from scratch. It feels more akin to a google search than a satisfying creative process. Those who are passionate and talented will continue to pursue their physical medium because of this.

The monetary value of generic stock content will surely drop and won't be created by professionals anymore. However, that doesn't mean people stop taking pictures of their dog just because they can get midjourney to generate the same thing. Creation for the sake of creation will continue. AI companies will initially reap in a lot of the $ value that used to go to the creators of stock content, but when open source models reach parity the masses will be able to make what's in their mind a reality as casual creators. Hobbyists will still exist and those that become truly great will still rise to notoriety.