First draft of what? The AI* doesn't know what you're trying to make, so to use it, you first need to write a prompt to convey to it what you're trying to convey. If what you're trying to make takes the form of prose, there's your first draft already; there's nothing the AI can add other than padding and replacing your voice with a psychopath's. But to begin with, if you have the skill to turn a first draft into a final product, it's almost always going to be faster to just use that skill to create the first draft yourself instead of trying to convey to an AI what it's supposed to be like. If it isn't, it's something that's so easy to describe that there's either no value in making it or those few words are already the perfect way to convey it.

Also, this just completely undermines the whole thing:

It still requires oversight and expertise.

The sole virtue AI arguably has, is its accessibility; anyone who can read and write a supported natural language, can make use of it. But the moment it starts requiring expertise, that accessibility becomes worthless. To anyone who is even somewhat serious about what they're trying to do, that natural language interface just offers far too little control for their purposes.

*) For the purposes of this comment, "AI" refers to the kinds of natural language-driven generative AI heavily marketed by companies like Microsoft, not the general concept of artificial intelligence or even the underlying technology of those products.