This is very good news for us as consumers. We don't want anyone of the players to dominate this field, and we want the service to be as cheap as possible, ideally free.
It will essentially still be locked away by an oligopoly that has little distinction among the participants. The influence on society held by that oligopoly will significantly surpass the current concerns of social media.
Almost all players in this field publish their work. If need arises we will be able to reproduce them, but only large company will be able to run the models cost efficiently, and there're a lot of scale effects here.
For much more in depth take, I wrote recently about that here. https://dakara.substack.com/p/ai-and-the-end-to-all-things