The thing I find frightening about AI image generation is the speed of iteration. Some of the images generated by Midjourney within seconds would take a human artist quite a long time to create. You can take a complete work from a paid human artist and run it through some prompts to get closer to the result you were looking for while retaining most of the original work.
Even if AI don't completely displace concept artists in the immediate future, it will certainly displace at least some portion of a human concept artist's workflow. I think the "detail work" for concept art is a good candidate to be offloaded to AI. Why pay an artist to paint every blade of grass when you can just take their rough draft and apply a series of "incredibly detailed grass texture" (etc) prompts to it?
Imo, the writing on the wall is pretty clear. While I'm sure that human concept artists will continue to find work, I'm pretty sure they'll be fighting an uphill battle, and probably won't feel very valued after awhile.