Right now automation allows neither of those things. The best you're going to get is existing games reskinned with AI slop assets---the new shovelware.
In some hypothetical future world where GenAI content really is as novel and worthwhile as content made by humans, this will be a different conversation. Until then, I doubt it's going to satisfy even the tiny minority of people who literally want to play the same game, watch the same movie, read the same book, etc. over and over again until they die. But it certainly has the potential to severely damage the overall quality of the media landscape in the way I described, because people who care about money more than quality are in the driver's seat.
To be clear, I'm not envisioning complete automation—I'm envisioning a human game designer using these tools to make building out an idea much faster and with lower risk.
In some hypothetical future world where GenAI content really is as novel and worthwhile as content made by humans, this will be a different conversation. Until then, I doubt it's going to satisfy even the tiny minority of people who literally want to play the same game, watch the same movie, read the same book, etc. over and over again until they die. But it certainly has the potential to severely damage the overall quality of the media landscape in the way I described, because people who care about money more than quality are in the driver's seat.