This would be bad for present-day artists who've invested their lives in developing the skills of putting brush strokes on the page; those skills would become worthless. But the flip side is that Stable Diffusion lets anyone make art easily, generating whatever image they can dream up, without having to spend years developing the skills first.
So even though Stable Diffusion is bad for present-day _artists_, I suspect it's actually good for _art_ in the long term. "Anyone can easily create an endless supply of art, based on any idea they can dream up" seems like a good thing to me.
Put another way, it is the belief that the 2020s are the peak of manual human art.
Imagine if we'd felt that way a thousand years ago, or even a hundred. Is it worth being wrong?
Also, I think we have to weigh that tradeoff against all the new things that will be created if art becomes accessible to 100x as many people. On net, I think Stable Diffusion opens many more doors for art than it closes.
Have you studied all masters and eclipsed them, without acknowledging them so they can share in your fame? Will you use your untiring, undying skill to flood the market with your work so "artist" ceases to be a profession?
That's categorically new, and worth preventing.