Is it? If the words that came from tokens resulted in the reader finding meaning to life, is it so wasted because a rock was coerced into making it instead of a meat sack?
That's a bit reductive. Let's say worst case that LLMs can't generate anything truly novel because of their limitations. That means that whatever they generated is just someone else's words, which could have been that person's art.
On the flip side, let's say LLMs are able to generate something novel. Well, then it could potentially generate thought-provoking art.
Not everything is deserving of finding meaning in. But the fun part of life is looking for things to find meaning in. Whether it's the words of God or an LLM or the President, people will always find meaning. And if it makes them happy and fulfilled, who are we to say it was a waste?
Art and its meaning are in the eyes of the reader, yes, but when you live in a version of the Library of Babel where every book is properly spelled and punctuated, seeking meaning in what you read is a great way to waste your life.