No, this is not about jobs of billions losers to come.
It's something more serious: trust.
According to Confucuis, trust is the single most important thing that holds our society together, without which nothing works.
Think about the scenarios: you wake up one day, the photos with you and your dog are made up, the music you hear is generated, the news on morning TV is fabricated. You don't even know if the politician talking on youtube is real. She probably has instgram, facebook, numerous search results and debate history from google, all generated, all made up, and indistinguishable from reality.
Read a book? Probably generated too, adepted from a real book with all the ideas carefully twisted. How would you know? You ask 1000 guys, they all tell you your version is real, because everyone they asked told them it's real.
Terrifying ist it?