I feel like Python folks are on average terrible at distributing software. So many projects have some python script to install the dependencies, still assume you use conda, or don't bother to specify the dependencies versions. Thankfully it's often the same patterns and after some time you understand what to do based on the error messages. But I wish they could use something like NPM or Cargo. Even something like Maven would be an improvement.
Disregarding the tip above, determining where the library was installed requires a bit of context, for example your platform (Windows versus UNIX) and the fact that newer pip releases default to "pip install --user" when not running with super-user privileges, whereas older pip releases did not default to "pip install --user".
Assuming you are using Linux and using an up-to-date pip release and you ran the "pip install -U audiocraft" command without super-user privileges, then the library was most likely installed in ~/.local/lib/pythonX.Y/site-packages (where X.Y is the version of Python that was used by the pip command you ran).
I carefully went through the output generated by the "pip install -U audiocraft" command, and there were no clues provided.
Disclosure: I am not a Python developer, so I apologize if this is a master-of-the-obvious question for Python folks. However, if there was ever a scenario where a line or two of post-install notes would be useful, it's stuff like this.