Maybe we will lose low effort artists but gain great music by passionate people.
This is such a bizarre take.
I wouldn't characterize musicians who depend on some financial return as "low effort" at all. Almost all the best musicians, going back to classical music and beyond, were dependent on their music as a source of income.
If anything, the people who do music as a side hobby are usually more "low effort" than those who actually make it their main career. And if artists can't make money of their music anymore, we'll really only get music from rich people who can afford the lessons, instruments, recording studio, production, etc. as an expensive hobby rather than a source of income.