I've had a lot of fun taking some of my older songs and using AI to create covers of them. This was a song I wrote for the piano over a decade ago.
Original for piano
https://youtu.be/c3nPpzzC83U
Orchestral Cover (GenAI)
https://youtu.be/5r3sN2YNEGs
Instantly being able to hear a song performed with an alternate orchestration (even if it is rather mechanical) is still a lot of fun and could lead to some interesting experimentation.
Unfortunately, using it as a collaborative tool is probably NOT going to be the predominant way that it is used by a mainstream audience. Instead it will be used to generate the chord progression, the lyrics, the melody, the structure, and the performance - and then hurled into the world in a deluge of pure AI generated noise.