It is important not to mix philosophical questions with pragmatic ones. We don't have a solid definition of what "life" is, but as this group demonstrated creating something that is unequivocally "alive" by our extant definitions.

Much like the COVID-19 vaccines are the first widely distributed "product" of our understanding of messenger RNA, I would expect the first widely available products that come from our understanding of building and operating single cell organisms to be things like water purification, drug production, Etc.

For example, an organism that secretes vanilla extract would be a multi-billion dollar product. And "all"[1] it would have to do is mimic what the vanilla Orchid does when growing seeds.

[1] This is a deep and wide void of knowledge about how it does what it does, not trying to gloss that over, just making the case for single cell organisms as useful products.

Vanillin synthesis is mature technology.

E.g., France was said to export 12x as much "natural vanilla extract" as it imports, yet produce none at all.

Insulin production using microorganisms is likewise mature, although prices are kept artificially high.

Yeast produce rather a great deal of economically relevant ethanol.