That's an interesting point, but one way I can think is that as AI generated homework is completed by AI, "all natural" student performance may seem abysmal in comparison. The students who use AI to do the "grunt work" like paper writing will have more time to do things like attend office hours, befriend professors, network, get internships, or whatever other useful things they can do with their time.
It makes me think of the rampant cheating culture in the PRC. Cheating generally isn't considered immoral, or, it may be, but the attitude is basically "well everyone cheats, so you better do it too or you'll be left behind." University becomes a performance, and all thoughts are turned towards how to present the best in that performance. If you ask someone that buys into this system about the value of, idk, writing a paper so as to learn the material, they'll be very confused. What's the point of learning the material? The only thing that matters is getting the best grade possible. Then you can get the highest paying job possible. That's all that matters.
This is of course not universal, the PRC is a country with a gajillion people in it, but this is what I experienced at university there and when I returned to the USA and was the defacto "PRC student tutor" at my university because of my Mandarin and time spent there. I must have been offered money to write essays for people over fifty times.
So, I can imagine this happening with AI. What does it matter if you learn the material? You use AI to get a good score and then you use AI to do your job anyway so who cares. AI written emails summarized by AI, replies written by AIs, reports generated by AI, sent, summarized by another AI...