Maybe, I don't think so however based on the above comments by Unstable Diffusion. It seems like people are underestimating the power of high quality data and just throwing the kitchen sink at models. Perhaps a set of good quality data can indeed outperform Laion-style datasets.
It's like the YC saying about doing things that don't scale, perhaps with the high quality dataset, we can train better models than CLIP and in turn use those to caption the rest of the images, only now the caption model is much better than previous ones.
At the next generation it feels like the training set will be inbreeding on the flood of stable diffusion images with 7 mangled fingers, heads coming out of legs, etc.
I can see LAION playing a similar role to imagenet. The main application of imagenet isn't directly training image recognition models. It's pertaining on diverse data so that a "big" (big in 2016) model can be fine tuned easily on a small dataset, after learning to be a good feature extractor. From that perspective, the label quality (and concerns about bias and whatnot) are almost irrelevant
The idea that we proved is you can get a dataset with decent caption and images (that do match yes, you can see for yourself at https://rom1504.github.io/clip-retrieval/ ) that can be used to trained well performing models (eg openclip and stable diffusion) while using only automated filtering of a noisy source (common crawl)
We further proved that idea by using aesthetic prediction, nsfw and watermark tags to select the best pictures.
Is it possible to write caption manually? sure, but that doesn't scale much and won't make it possible to train general models.