"I have made this letter longer than usual, only because I have not had the time to make it shorter." - Blaise Pascal
But people who think ChatGPT is great usually aren't capable of reading that far :P
For most interesting questions you could write anything between a few sentences and a full book, depending on how much you develop and defend your arguments, evaluate other possible answers, etc.
The word count is a signal on where on that spectrum you should be aiming.
For an advanced student writing about sufficiently complex topic, the challenge is to develop an argument in less than 5000 words, rather than to reach 5000 words.
And there is a big difference between writing an outline (which is valuable and important!) and actually expressing those ideas fully. The latter forces you to clarify your ideas much more precisely - which is a really valuable experience in exploring and understanding the details of a topic.
In that case sure, the whole exercise is kind of a waste of time, but you could say that about basically any educational method surely? You can take a horse to water and all that...