Yay!
Making things faster, easier, cheaper and more accessible to more people is generally a good thing.
There are some downsides. People could lose the ability to think and write. Essays could become stock and stale. We might make ourselves even more dependent on technology.
As with any new tool or technology, the challenge is to learn how to use it well.
This goes for both sides, the other side being teachers and professors. If you don't want your students to "cheat", consider designing tests that assess abstraction abilities, knowledge transformation, and other skills beyond the capabilities of AI. Or, openly embrace the new tools and teach your students how to use them well in their specific context.
As a non-native speaker, I use AI some and then to check my language. Or to give me ideas when I'm stuck in a sentence. Or to fact check a thought. I think it improves the quality I can provide to others. I'm also learning along the way, both about using AI tools and the topic at hand.