I think banning it from being a business venture is a good idea, and realistically the technology for generative AI will stay even if there's an outright ban.
People will still be able to build their own models and cybersecurity defense will continue keeping up with black hat hacking, but corpos like OpenAI, or divisions like Google's numerous AI divisions, should be banned unless it has an explicit purpose for research in things like the medical field, and have generative AI as we know it right now be culled.